General Assembly Proposed Bill No. 272
January Session, 2017 LCO No. 1556
*01556*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
SEN. FASANO, 34th Dist. SEN. WITKOS, 8th Dist.
General Assembly
Proposed Bill No. 272
January Session, 2017
LCO No. 1556
*01556*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
SEN. FASANO, 34th Dist.
SEN. WITKOS, 8th Dist.
AN ACT PHASING IN AN EXEMPTION FROM THE PERSONAL INCOME TAX FOR CERTAIN PENSION INCOME.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That chapter 229 of the general statutes be amended to phase in, beginning January 1, 2018, an exemption from the personal income tax for pension income to a maximum of one hundred thousand dollars, with a reduction each year of twenty per cent of the tax.
Statement of Purpose:
To ease Connecticut's tax burden on retirees by phasing in an exemption over a five-year period from the personal income tax for pension income to a maximum of one hundred thousand dollars, beginning January 1, 2018.