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| 3 | 3 | | LCO No. 1452 1 of 2 |
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| 4 | 4 | | |
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| 5 | 5 | | General Assembly Proposed Bill No. 5154 |
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| 6 | 6 | | January Session, 2025 |
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| 7 | 7 | | LCO No. 1452 |
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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. DOUCETTE, 13th Dist. |
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| 16 | 16 | | |
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| 17 | 17 | | |
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| 18 | 18 | | |
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| 19 | 19 | | AN ACT CONCERNING THE PERSONAL INCOME TAX DEDUCTIONS |
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| 20 | 20 | | FOR SOCIAL SECURITY BENEFITS, PENSION AND ANNUITY |
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| 21 | 21 | | INCOME AND DISTRIBUTIONS FROM CERTAIN INDIVIDUAL |
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| 22 | 22 | | RETIREMENT ACCOUNTS. |
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| 23 | 23 | | Be it enacted by the Senate and House of Representatives in General |
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| 24 | 24 | | Assembly convened: |
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| 25 | 25 | | |
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| 26 | 26 | | That section 12-701 of the general statutes be amended to replace the 1 |
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| 27 | 27 | | current personal income tax deductions for social security benefits, 2 |
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| 28 | 28 | | pension and annuity income and distributions from certain individual 3 |
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| 29 | 29 | | retirement accounts with a personal income tax deduction for such 4 |
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| 30 | 30 | | benefits, income and distributions in the following amounts: (1) For an 5 |
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| 31 | 31 | | unmarried individual or a married individual filing separately, the 6 |
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| 32 | 32 | | amount of such benefits, income and distributions received in a taxable 7 |
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| 33 | 33 | | year, up to one hundred thousand dollars; and (2) for married 8 |
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| 34 | 34 | | individuals filing jointly or an individual filing as a head of household, 9 |
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| 35 | 35 | | the amount of such benefits, income and distributions received in a 10 |
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| 36 | 36 | | taxable year, up to two hundred thousand dollars. 11 Proposed Bill No. 5154 |
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| 37 | 37 | | |
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| 38 | 38 | | |
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| 39 | 39 | | LCO No. 1452 2 of 2 |
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| 40 | 40 | | |
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| 41 | 41 | | Statement of Purpose: |
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| 42 | 42 | | To replace the current personal income tax deductions for Social |
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| 43 | 43 | | Security benefits, pension and annuity income and distributions from |
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| 44 | 44 | | certain individual retirement accounts and eliminate the marriage |
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| 45 | 45 | | penalty. |
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