OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sHB-5408
AN ACT CONCERNING THE QUALIFYING INCOME
THRESHOLDS FOR CERTAIN PERSONAL INCOME TAX
DEDUCTIONS FOR MARRIED INDIVIDUALS FILING JOINTLY.
Primary Analyst: CW 4/25/22
Contributing Analyst(s):
Reviewer: MM
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 23 $ FY 24 $
Revenue Serv., Dept. GF - Revenue
Loss
76.8 million 111.8
million
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill, which increases the qualifying income threshold for the
pension and annuity, Individual Retirement Account, and 100% Social
Security benefit exemptions under the personal income tax, results in a
General Fund revenue loss of $76.8 million and $111.8 million in FY 23
and FY 24, respectively.
The Out Years
State Impact:
Agency Affected Fund-Effect FY 25 $ FY 26 $ FY 27 $
Revenue Serv.,
Dept.
GF - Revenue
Loss
134.4
million
157.2
million
167.8
million
Note: GF=General Fund
Municipal Impact: None