Connecticut 2018 Regular Session

Connecticut House Bill HB05052

Introduced
2/9/18  
Introduced
2/9/18  
Refer
2/9/18  

Caption

An Act Increasing The Personal Income Tax Deduction For Income Received From The State Teachers' Retirement System.

Impact

If enacted, this bill would modify existing provisions regarding personal income tax deductions, particularly benefiting those who have retired from teaching. By increasing the deductible amount, the legislation would potentially enhance disposable income for retirees, which could positively influence their overall financial wellness. This change might be especially significant as it directly impacts the financial lives of educators, acknowledging their contributions to the state’s educational system.

Summary

House Bill 05052 proposes an increase in the personal income tax deduction for income received from the State Teachers' Retirement System. Specifically, the bill aims to amend section 12-701 of the general statutes, raising the deduction to fifty percent of the retirement income, effective January 1, 2017. The intent behind this measure is to provide financial relief to retired educators by allowing them to deduct a greater portion of their income from their state taxes, thereby improving their economic situation during retirement.

Contention

Discussions around HB 05052 may involve debates on the implications of reducing state tax income from this deduction increase versus the benefits provided to retirees. Supporters may argue that this tax cut is a necessary step to rightfully reward teachers for their service and support their transitions into retirement. Conversely, opponents might point out concerns over budgetary constraints in state funding, arguing that while tax deductions for teachers can be beneficial, they could also strain other areas of funding within the state, especially those related to education and public services.

Companion Bills

No companion bills found.

Previously Filed As

CT HB05281

An Act Allowing A Personal Income Tax Deduction For Stipends Paid To Volunteer Firefighting Or Emergency Medical Services Personnel.

CT HB05022

An Act Requiring Indexing Of Income Thresholds For The Personal Income Tax And The Qualifying Income Thresholds For Personal Income Tax Deductions.

CT HB05072

An Act Concerning Personal Income Tax Deductions For Seniors.

CT HB05303

An Act Establishing A Child Income Tax Deduction.

CT SB00028

An Act Concerning The Qualifying Income Thresholds For The Social Security Benefits Deduction From The Personal Income Tax.

CT SB00237

An Act Establishing A Personal Income Tax Deduction For Military Funeral Honor Guard Detail Compensation.

CT HB05020

An Act Concerning A Credit Against The Personal Income Tax For Certain Teachers.

CT HB05085

An Act Eliminating The Personal Income Tax On Individual Retirement Account Distributions.

CT HB05108

An Act Eliminating The Qualifying Income Thresholds For The Personal Income Tax Deduction For Pension Or Annuity Income.

CT HB05513

An Act Concerning The Deduction And Withholding Of Personal Income Tax From Certain Payments And Distributions.

Similar Bills

No similar bills found.