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| 2 | 2 | | |
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| 3 | 3 | | LCO No. 2943 1 of 2 |
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| 4 | 4 | | |
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| 5 | 5 | | General Assembly Proposed Bill No. 5691 |
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| 6 | 6 | | January Session, 2023 |
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| 7 | 7 | | LCO No. 2943 |
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| 8 | 8 | | |
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| 9 | 9 | | |
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| 10 | 10 | | Referred to Committee on FINANCE, REVENUE AND |
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| 11 | 11 | | BONDING |
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| 12 | 12 | | |
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| 13 | 13 | | |
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| 14 | 14 | | Introduced by: |
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| 15 | 15 | | REP. WOOD K., 29th Dist. |
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| 16 | 16 | | REP. BARRY, 31st Dist. |
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| 17 | 17 | | REP. POULOS, 81st Dist. |
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| 18 | 18 | | REP. LEEPER, 132nd Dist. |
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| 19 | 19 | | REP. QUINN, 82nd Dist. |
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| 20 | 20 | | REP. DATHAN, 142nd Dist. |
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| 21 | 21 | | |
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| 22 | 22 | | |
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| 23 | 23 | | |
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| 24 | 24 | | AN ACT ADJUSTING THE QUALIFYING INCOME THRESHOLDS FOR |
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| 25 | 25 | | CERTAIN PERSONAL INCOME TAX DEDUCTIONS AND |
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| 26 | 26 | | CONCERNING THE CLIFF EFFECT. |
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| 27 | 27 | | Be it enacted by the Senate and House of Representatives in General |
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| 28 | 28 | | Assembly convened: |
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| 29 | 29 | | |
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| 30 | 30 | | That section 12-701 of the general statutes be amended to (1) increase, 1 |
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| 31 | 31 | | from less than one hundred thousand dollars to less than one hundred 2 |
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| 32 | 32 | | fifty thousand dollars for married individuals filing jointly, the 3 |
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| 33 | 33 | | qualifying income thresholds for the personal income tax deductions for 4 |
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| 34 | 34 | | Social Security benefits, pension or annuity income and distributions 5 |
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| 35 | 35 | | from certain individual retirement accounts, (2) require the qualifying 6 |
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| 36 | 36 | | income thresholds for such deductions for all eligible filers to be indexed 7 |
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| 37 | 37 | | to reflect the rate of inflation, using the consumer price index, and (3) 8 |
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| 38 | 38 | | provide for income threshold phase-outs of (A) twenty per cent for each 9 |
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| 39 | 39 | | five thousand dollars or fraction thereof of adjusted gross income for 10 |
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| 40 | 40 | | unmarried individuals, married individuals filing separately and heads 11 |
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| 41 | 41 | | of households, and (B) twenty per cent for each ten thousand dollars or 12 Proposed Bill No. 5691 |
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| 42 | 42 | | |
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| 43 | 43 | | |
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| 44 | 44 | | LCO No. 2943 2 of 2 |
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| 45 | 45 | | |
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| 46 | 46 | | fraction thereof of adjusted gross income for married individuals filing 13 |
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| 47 | 47 | | jointly, to eliminate the cliff effect. 14 |
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| 48 | 48 | | Statement of Purpose: |
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| 49 | 49 | | To (1) increase, for married individuals filing jointly, the qualifying |
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| 50 | 50 | | income thresholds for the personal income tax deductions for Social |
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| 51 | 51 | | Security benefits, pension or annuity income and distributions from |
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| 52 | 52 | | certain individual retirement accounts, (2) require the qualifying income |
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| 53 | 53 | | thresholds for such deductions for all eligible filers to be indexed to |
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| 54 | 54 | | reflect the rate of inflation, using the consumer price index, and (3) |
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| 55 | 55 | | provide for income threshold phase-outs to eliminate the cliff effect. |
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