Connecticut 2025 Regular Session

Connecticut House Bill HB07007 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3		-	LCO 4995 1 of 13
	3	+	LCO No. 4995 1 of 14
4	4
5	5		General Assembly Raised Bill No. 7007
6	6		January Session, 2025
7	7		LCO No. 4995
8	8
9	9
10	10		Referred to Committee on AGING
11	11
12	12
13	13		Introduced by:
14	14		(AGE)
15	15
16	16
17	17
18	18		AN ACT PROVIDING AN INCOME TAX DEDUCTION FOR
19	19		INDIVIDUALS CARING FOR ELDERLY PERSONS, CHILDREN OR
20	20		DISABLED PERSONS.
21	21		Be it enacted by the Senate and House of Representatives in General
22	22		Assembly convened:
23	23
24	24		Section 1. Subparagraph (B) of subdivision (20) of subsection (a) of 1
25	25		section 12-701 of the general statutes is repealed and the following is 2
26	26		substituted in lieu thereof (Effective from passage and applicable to taxable 3
27	27		years commencing on or after January 1, 2025): 4
28	28		(B) There shall be subtracted therefrom: 5
29	29		(i) To the extent properly includable in gross income for federal 6
30	30		income tax purposes, any income with respect to which taxation by any 7
31	31		state is prohibited by federal law; 8
32	32		(ii) To the extent allowable under section 12-718, exempt dividends 9
33	33		paid by a regulated investment company; 10
34	34		(iii) To the extent properly includable in gross income for federal 11
35		-	income tax purposes, the amount of any refund or credit for 12 Raised Bill No. 7007
	35	+	income tax purposes, the amount of any refund or credit for 12
	36	+	overpayment of income taxes imposed by this state, or any other state 13
	37	+	Raised Bill No. 7007
36	38
37	39
38		-	LCO 4995 2 of 13
39	40
40		-	overpayment of income taxes imposed by this state, or any other state 13
	41	+	LCO No. 4995 2 of 14
	42	+
41	43		of the United States or a political subdivision thereof, or the District of 14
42	44		Columbia; 15
43	45		(iv) To the extent properly includable in gross income for federal 16
44	46		income tax purposes and not otherwise subtracted from federal 17
45	47		adjusted gross income pursuant to clause (x) of this subparagraph in 18
46	48		computing Connecticut adjusted gross income, any tier 1 railroad 19
47	49		retirement benefits; 20
48	50		(v) To the extent any additional allowance for depreciation under 21
49	51		Section 168(k) of the Internal Revenue Code for property placed in 22
50	52		service after September 27, 2017, was added to federal adjusted gross 23
51	53		income pursuant to subparagraph (A)(ix) of this subdivision in 24
52	54		computing Connecticut adjusted gross income, twenty-five per cent of 25
53	55		such additional allowance for depreciation in each of the four 26
54	56		succeeding taxable years; 27
55	57		(vi) To the extent properly includable in gross income for federal 28
56	58		income tax purposes, any interest income from obligations issued by or 29
57	59		on behalf of the state of Connecticut, any political subdivision thereof, 30
58	60		or public instrumentality, state or local authority, district or similar 31
59	61		public entity created under the laws of the state of Connecticut; 32
60	62		(vii) To the extent properly includable in determining the net gain or 33
61	63		loss from the sale or other disposition of capital assets for federal income 34
62	64		tax purposes, any gain from the sale or exchange of obligations issued 35
63	65		by or on behalf of the state of Connecticut, any political subdivision 36
64	66		thereof, or public instrumentality, state or local authority, district or 37
65	67		similar public entity created under the laws of the state of Connecticut, 38
66	68		in the income year such gain was recognized; 39
67	69		(viii) Any interest on indebtedness incurred or continued to purchase 40
68	70		or carry obligations or securities the interest on which is subject to tax 41
69	71		under this chapter but exempt from federal income tax, to the extent that 42
70	72		such interest on indebtedness is not deductible in determining federal 43
71		-	adjusted gross income and is attributable to a trade or business carried 44 Raised Bill No. 7007
	73	+	adjusted gross income and is attributable to a trade or business carried 44
	74	+	Raised Bill No. 7007
72	75
73	76
74		-	LCO 4995 3 of 13
	77	+
	78	+	LCO No. 4995 3 of 14
75	79
76	80		on by such individual; 45
77	81		(ix) Ordinary and necessary expenses paid or incurred during the 46
78	82		taxable year for the production or collection of income which is subject 47
79	83		to taxation under this chapter but exempt from federal income tax, or 48
80	84		the management, conservation or maintenance of property held for the 49
81	85		production of such income, and the amortizable bond premium for the 50
82	86		taxable year on any bond the interest on which is subject to tax under 51
83	87		this chapter but exempt from federal income tax, to the extent that such 52
84	88		expenses and premiums are not deductible in determining federal 53
85	89		adjusted gross income and are attributable to a trade or business carried 54
86	90		on by such individual; 55
87	91		(x) (I) For taxable years commencing prior to January 1, 2019, for a 56
88	92		person who files a return under the federal income tax as an unmarried 57
89	93		individual whose federal adjusted gross income for such taxable year is 58
90	94		less than fifty thousand dollars, or as a married individual filing 59
91	95		separately whose federal adjusted gross income for such taxable year is 60
92	96		less than fifty thousand dollars, or for a husband and wife who file a 61
93	97		return under the federal income tax as married individuals filing jointly 62
94	98		whose federal adjusted gross income for such taxable year is less than 63
95	99		sixty thousand dollars or a person who files a return under the federal 64
96	100		income tax as a head of household whose federal adjusted gross income 65
97	101		for such taxable year is less than sixty thousand dollars, an amount 66
98	102		equal to the Social Security benefits includable for federal income tax 67
99	103		purposes; 68
100	104		(II) For taxable years commencing prior to January 1, 2019, for a 69
101	105		person who files a return under the federal income tax as an unmarried 70
102	106		individual whose federal adjusted gross income for such taxable year is 71
103	107		fifty thousand dollars or more, or as a married individual filing 72
104	108		separately whose federal adjusted gross income for such taxable year is 73
105	109		fifty thousand dollars or more, or for a husband and wife who file a 74
106	110		return under the federal income tax as married individuals filing jointly 75
107	111		whose federal adjusted gross income from such taxable year is sixty 76
108		-	~~thousand dollars or more or for a person who files a return under the 77~~ Raised Bill No. 7007
	112	+	Raised Bill No. 7007
109	113
110	114
111		-	LCO 4995 4 of 13
112	115
	116	+	LCO No. 4995 4 of 14
	117	+
	118	+	thousand dollars or more or for a person who files a return under the 77
113	119		federal income tax as a head of household whose federal adjusted gross 78
114	120		income for such taxable year is sixty thousand dollars or more, an 79
115	121		amount equal to the difference between the amount of Social Security 80
116	122		benefits includable for federal income tax purposes and the lesser of 81
117	123		twenty-five per cent of the Social Security benefits received during the 82
118	124		taxable year, or twenty-five per cent of the excess described in Section 83
119	125		86(b)(1) of the Internal Revenue Code; 84
120	126		(III) For the taxable year commencing January 1, 2019, and each 85
121	127		taxable year thereafter, for a person who files a return under the federal 86
122	128		income tax as an unmarried individual whose federal adjusted gross 87
123	129		income for such taxable year is less than seventy-five thousand dollars, 88
124	130		or as a married individual filing separately whose federal adjusted gross 89
125	131		income for such taxable year is less than seventy-five thousand dollars, 90
126	132		or for a husband and wife who file a return under the federal income tax 91
127	133		as married individuals filing jointly whose federal adjusted gross 92
128	134		income for such taxable year is less than one hundred thousand dollars 93
129	135		or a person who files a return under the federal income tax as a head of 94
130	136		household whose federal adjusted gross income for such taxable year is 95
131	137		less than one hundred thousand dollars, an amount equal to the Social 96
132	138		Security benefits includable for federal income tax purposes; and 97
133	139		(IV) For the taxable year commencing January 1, 2019, and each 98
134	140		taxable year thereafter, for a person who files a return under the federal 99
135	141		income tax as an unmarried individual whose federal adjusted gross 100
136	142		income for such taxable year is seventy-five thousand dollars or more, 101
137	143		or as a married individual filing separately whose federal adjusted gross 102
138	144		income for such taxable year is seventy-five thousand dollars or more, 103
139	145		or for a husband and wife who file a return under the federal income tax 104
140	146		as married individuals filing jointly whose federal adjusted gross 105
141	147		income from such taxable year is one hundred thousand dollars or more 106
142	148		or for a person who files a return under the federal income tax as a head 107
143	149		of household whose federal adjusted gross income for such taxable year 108
144	150		is one hundred thousand dollars or more, an amount equal to the 109
145		-	difference between the amount of Social Security benefits includable for 110
146		-	federal income tax purposes and the lesser of twenty-five per cent of the 111 Raised Bill No. 7007
	151	+	Raised Bill No. 7007
147	152
148	153
149		-	LCO 4995 5 of 13
150	154
	155	+	LCO No. 4995 5 of 14
	156	+
	157	+	difference between the amount of Social Security benefits includable for 110
	158	+	federal income tax purposes and the lesser of twenty-five per cent of the 111
151	159		Social Security benefits received during the taxable year, or twenty-five 112
152	160		per cent of the excess described in Section 86(b)(1) of the Internal 113
153	161		Revenue Code; 114
154	162		(xi) To the extent properly includable in gross income for federal 115
155	163		income tax purposes, any amount rebated to a taxpayer pursuant to 116
156	164		section 12-746; 117
157	165		(xii) To the extent properly includable in the gross income for federal 118
158	166		income tax purposes of a designated beneficiary, any distribution to 119
159	167		such beneficiary from any qualified state tuition program, as defined in 120
160	168		Section 529(b) of the Internal Revenue Code, established and 121
161	169		maintained by this state or any official, agency or instrumentality of the 122
162	170		state; 123
163	171		(xiii) To the extent allowable under section 12-701a, contributions to 124
164	172		accounts established pursuant to any qualified state tuition program, as 125
165	173		defined in Section 529(b) of the Internal Revenue Code, established and 126
166	174		maintained by this state or any official, agency or instrumentality of the 127
167	175		state; 128
168	176		(xiv) To the extent properly includable in gross income for federal 129
169	177		income tax purposes, the amount of any Holocaust victims' settlement 130
170	178		payment received in the taxable year by a Holocaust victim; 131
171	179		(xv) To the extent properly includable in the gross income for federal 132
172	180		income tax purposes of a designated beneficiary, as defined in section 133
173	181		3-123aa, interest, dividends or capital gains earned on contributions to 134
174	182		accounts established for the designated beneficiary pursuant to the 135
175	183		Connecticut Homecare Option Program for the Elderly established by 136
176	184		sections 3-123aa to 3-123ff, inclusive; 137
177	185		(xvi) To the extent properly includable in gross income for federal 138
178	186		income tax purposes, any income received from the United States 139
	187	+	Raised Bill No. 7007
	188	+
	189	+
	190	+
	191	+	LCO No. 4995 6 of 14
	192	+
179	193		government as retirement pay for a retired member of (I) the Armed 140
180	194		Forces of the United States, as defined in Section 101 of Title 10 of the 141
181		-	United States Code, or (II) the National Guard, as defined in Section 101 142 Raised Bill No. 7007
182		-
183		-
184		-	LCO 4995 6 of 13
185		-
	195	+	United States Code, or (II) the National Guard, as defined in Section 101 142
186	196		of Title 10 of the United States Code; 143
187	197		(xvii) To the extent properly includable in gross income for federal 144
188	198		income tax purposes for the taxable year, any income from the discharge 145
189	199		of indebtedness in connection with any reacquisition, after December 146
190	200		31, 2008, and before January 1, 2011, of an applicable debt instrument or 147
191	201		instruments, as those terms are defined in Section 108 of the Internal 148
192	202		Revenue Code, as amended by Section 1231 of the American Recovery 149
193	203		and Reinvestment Act of 2009, to the extent any such income was added 150
194	204		to federal adjusted gross income pursuant to subparagraph (A)(xi) of 151
195	205		this subdivision in computing Connecticut adjusted gross income for a 152
196	206		preceding taxable year; 153
197	207		(xviii) To the extent not deductible in determining federal adjusted 154
198	208		gross income, the amount of any contribution to a manufacturing 155
199	209		reinvestment account established pursuant to section 32-9zz in the 156
200	210		taxable year that such contribution is made; 157
201	211		(xix) To the extent properly includable in gross income for federal 158
202	212		income tax purposes, (I) for the taxable year commencing January 1, 159
203	213		2015, ten per cent of the income received from the state teachers' 160
204	214		retirement system, (II) for the taxable years commencing January 1, 161
205	215		2016, to January 1, 2020, inclusive, twenty-five per cent of the income 162
206	216		received from the state teachers' retirement system, and (III) for the 163
207	217		taxable year commencing January 1, 2021, and each taxable year 164
208	218		thereafter, fifty per cent of the income received from the state teachers' 165
209	219		retirement system or, for a taxpayer whose federal adjusted gross 166
210	220		income does not exceed the applicable threshold under clause (xx) of 167
211	221		this subparagraph, the percentage pursuant to said clause of the income 168
212	222		received from the state teachers' retirement system, whichever 169
213	223		deduction is greater; 170
	224	+	Raised Bill No. 7007
	225	+
	226	+
	227	+
	228	+	LCO No. 4995 7 of 14
	229	+
214	230		(xx) To the extent properly includable in gross income for federal 171
215	231		income tax purposes, except for retirement benefits under clause (iv) of 172
216	232		this subparagraph and retirement pay under clause (xvi) of this 173
217		-	subparagraph, for a person who files a return under the federal income 174 Raised Bill No. 7007
218		-
219		-
220		-	LCO 4995 7 of 13
221		-
	233	+	subparagraph, for a person who files a return under the federal income 174
222	234		tax as an unmarried individual whose federal adjusted gross income for 175
223	235		such taxable year is less than seventy-five thousand dollars, or as a 176
224	236		married individual filing separately whose federal adjusted gross 177
225	237		income for such taxable year is less than seventy-five thousand dollars, 178
226	238		or as a head of household whose federal adjusted gross income for such 179
227	239		taxable year is less than seventy-five thousand dollars, or for a husband 180
228	240		and wife who file a return under the federal income tax as married 181
229	241		individuals filing jointly whose federal adjusted gross income for such 182
230	242		taxable year is less than one hundred thousand dollars, (I) for the taxable 183
231	243		year commencing January 1, 2019, fourteen per cent of any pension or 184
232	244		annuity income, (II) for the taxable year commencing January 1, 2020, 185
233	245		twenty-eight per cent of any pension or annuity income, (III) for the 186
234	246		taxable year commencing January 1, 2021, forty-two per cent of any 187
235	247		pension or annuity income, and (IV) for the taxable years commencing 188
236	248		January 1, 2022, and January 1, 2023, one hundred per cent of any 189
237	249		pension or annuity income; 190
238	250		(xxi) To the extent properly includable in gross income for federal 191
239	251		income tax purposes, except for retirement benefits under clause (iv) of 192
240	252		this subparagraph and retirement pay under clause (xvi) of this 193
241	253		subparagraph, any pension or annuity income for the taxable year 194
242	254		commencing on or after January 1, 2024, and each taxable year 195
243	255		thereafter, in accordance with the following schedule, for a person who 196
244	256		files a return under the federal income tax as an unmarried individual 197
245	257		whose federal adjusted gross income for such taxable year is less than 198
246	258		one hundred thousand dollars, or as a married individual filing 199
247	259		separately whose federal adjusted gross income for such taxable year is 200
248	260		less than one hundred thousand dollars, or as a head of household 201
249	261		whose federal adjusted gross income for such taxable year is less than 202
250	262		one hundred thousand dollars: 203
	263	+	Raised Bill No. 7007
	264	+
	265	+
	266	+
	267	+	LCO No. 4995 8 of 14
	268	+
251	269		T1
252	270		Federal Adjusted Gross Income Deduction
253		-	T2
254		-	Less than $75,000 100.0%
	271	+	T2 Less than $75,000 100.0%
255	272		T3
256	273		$75,000 but not over $77,499 85.0%
257		-	T4 $77,500 but not over $79,999 70.0% Raised Bill No. 7007
258		-
259		-
260		-	LCO 4995 8 of 13
261		-
	274	+	T4
	275	+	$77,500 but not over $79,999 70.0%
262	276		T5
263	277		$80,000 but not over $82,499 55.0%
264	278		T6
265	279		$82,500 but not over $84,999 40.0%
266	280		T7
267	281		$85,000 but not over $87,499 25.0%
268	282		T8
269	283		$87,500 but not over $89,999 10.0%
270	284		T9
271	285		$90,000 but not over $94,999 5.0%
272		-	T10
273		-	$95,000 but not over $99,999 2.5%
	286	+	T10 $95,000 but not over $99,999 2.5%
274	287		T11
275	288		$100,000 and over 0.0%
276	289
277	290		(xxii) To the extent properly includable in gross income for federal 204
278	291		income tax purposes, except for retirement benefits under clause (iv) of 205
279	292		this subparagraph and retirement pay under clause (xvi) of this 206
280	293		subparagraph, any pension or annuity income for the taxable year 207
281	294		commencing on or after January 1, 2024, and each taxable year 208
282	295		thereafter, in accordance with the following schedule for married 209
283	296		individuals who file a return under the federal income tax as married 210
284	297		individuals filing jointly whose federal adjusted gross income for such 211
285	298		taxable year is less than one hundred fifty thousand dollars: 212
286	299		T12
287	300		Federal Adjusted Gross Income Deduction
288	301		T13
289	302		Less than $100,000 100.0%
290	303		T14
291	304		$100,000 but not over $104,999 85.0%
292	305		T15
293	306		$105,000 but not over $109,999 70.0%
294	307		T16
295	308		$110,000 but not over $114,999 55.0%
296	309		T17
297	310		$115,000 but not over $119,999 40.0%
298		-	T18
299		-	$120,000 but not over $124,999 25.0%
	311	+	T18 $120,000 but not over $124,999 25.0%
300	312		T19
301	313		$125,000 but not over $129,999 10.0%
302		-	T20 $130,000 but not over $139,999 5.0%
	314	+	T20
	315	+	$130,000 but not over $139,999 5.0%
303	316		T21
304	317		$140,000 but not over $149,999 2.5%
305	318		T22
306	319		$150,000 and over 0.0%
	320	+	Raised Bill No. 7007
	321	+
	322	+
	323	+
	324	+	LCO No. 4995 9 of 14
	325	+
307	326
308	327		(xxiii) The amount of lost wages and medical, travel and housing 213
309	328		expenses, not to exceed ten thousand dollars in the aggregate, incurred 214
310		-	by a taxpayer during the taxable year in connection with the donation 215 Raised Bill No. 7007
311		-
312		-
313		-	LCO 4995 9 of 13
314		-
	329	+	by a taxpayer during the taxable year in connection with the donation 215
315	330		to another person of an organ for organ transplantation occurring on or 216
316	331		after January 1, 2017; 217
317	332		(xxiv) To the extent properly includable in gross income for federal 218
318	333		income tax purposes, the amount of any financial assistance received 219
319	334		from the Crumbling Foundations Assistance Fund or paid to or on 220
320	335		behalf of the owner of a residential building pursuant to sections 8-442 221
321	336		and 8-443; 222
322	337		(xxv) To the extent properly includable in gross income for federal 223
323	338		income tax purposes, the amount calculated pursuant to subsection (b) 224
324	339		of section 12-704g for income received by a general partner of a venture 225
325	340		capital fund, as defined in 17 CFR 275.203(l)-1, as amended from time to 226
326	341		time; 227
327	342		(xxvi) To the extent any portion of a deduction under Section 179 of 228
328	343		the Internal Revenue Code was added to federal adjusted gross income 229
329	344		pursuant to subparagraph (A)(xiv) of this subdivision in computing 230
330	345		Connecticut adjusted gross income, twenty-five per cent of such 231
331	346		disallowed portion of the deduction in each of the four succeeding 232
332	347		taxable years; 233
333	348		(xxvii) To the extent properly includable in gross income for federal 234
334	349		income tax purposes, for a person who files a return under the federal 235
335	350		income tax as an unmarried individual whose federal adjusted gross 236
336	351		income for such taxable year is less than seventy-five thousand dollars, 237
337	352		or as a married individual filing separately whose federal adjusted gross 238
338	353		income for such taxable year is less than seventy-five thousand dollars, 239
339	354		or as a head of household whose federal adjusted gross income for such 240
340	355		taxable year is less than seventy-five thousand dollars, or for a husband 241
341	356		and wife who file a return under the federal income tax as married 242
	357	+	Raised Bill No. 7007
	358	+
	359	+
	360	+
	361	+	LCO No. 4995 10 of 14
	362	+
342	363		individuals filing jointly whose federal adjusted gross income for such 243
343	364		taxable year is less than one hundred thousand dollars, for the taxable 244
344	365		year commencing January 1, 2023, twenty-five per cent of any 245
345	366		distribution from an individual retirement account other than a Roth 246
346		-	individual retirement account; 247 Raised Bill No. 7007
347		-
348		-
349		-	LCO 4995 10 of 13
350		-
	367	+	individual retirement account; 247
351	368		(xxviii) To the extent properly includable in gross income for federal 248
352	369		income tax purposes, for a person who files a return under the federal 249
353	370		income tax as an unmarried individual whose federal adjusted gross 250
354	371		income for such taxable year is less than one hundred thousand dollars, 251
355	372		or as a married individual filing separately whose federal adjusted gross 252
356	373		income for such taxable year is less than one hundred thousand dollars, 253
357	374		or as a head of household whose federal adjusted gross income for such 254
358	375		taxable year is less than one hundred thousand dollars, (I) for the taxable 255
359	376		year commencing January 1, 2024, fifty per cent of any distribution from 256
360	377		an individual retirement account other than a Roth individual 257
361	378		retirement account, (II) for the taxable year commencing January 1, 2025, 258
362	379		seventy-five per cent of any distribution from an individual retirement 259
363	380		account other than a Roth individual retirement account, and (III) for 260
364	381		the taxable year commencing January 1, 2026, and each taxable year 261
365	382		thereafter, any distribution from an individual retirement account other 262
366	383		than a Roth individual retirement account. The subtraction under this 263
367	384		clause shall be made in accordance with the following schedule: 264
368	385		T23
369	386		Federal Adjusted Gross Income Deduction
370	387		T24
371	388		Less than $75,000 100.0%
372	389		T25
373	390		$75,000 but not over $77,499 85.0%
374	391		T26
375	392		$77,500 but not over $79,999 70.0%
376		-	T27
377		-	$80,000 but not over $82,499 55.0%
	393	+	T27 $80,000 but not over $82,499 55.0%
378	394		T28
379	395		$82,500 but not over $84,999 40.0%
380	396		T29
381	397		$85,000 but not over $87,499 25.0%
382	398		T30
383	399		$87,500 but not over $89,999 10.0%
384		-	T31 $90,000 but not over $94,999 5.0%
	400	+	T31
	401	+	$90,000 but not over $94,999 5.0%
385	402		T32
386	403		$95,000 but not over $99,999 2.5%
387		-	T33
388		-	$100,000 and over 0.0%
	404	+	Raised Bill No. 7007
	405	+
	406	+
	407	+
	408	+	LCO No. 4995 11 of 14
	409	+
	410	+	T33 $100,000 and over 0.0%
389	411
390	412		(xxix) To the extent properly includable in gross income for federal 265
391	413		income tax purposes, for married individuals who file a return under 266
392	414		the federal income tax as married individuals filing jointly whose 267
393		-	federal adjusted gross income for such taxable year is less than one 268 Raised Bill No. 7007
394		-
395		-
396		-	LCO 4995 11 of 13
397		-
	415	+	federal adjusted gross income for such taxable year is less than one 268
398	416		hundred fifty thousand dollars, (I) for the taxable year commencing 269
399	417		January 1, 2024, fifty per cent of any distribution from an individual 270
400	418		retirement account other than a Roth individual retirement account, (II) 271
401	419		for the taxable year commencing January 1, 2025, seventy-five per cent 272
402	420		of any distribution from an individual retirement account other than a 273
403	421		Roth individual retirement account, and (III) for the taxable year 274
404	422		commencing January 1, 2026, and each taxable year thereafter, any 275
405	423		distribution from an individual retirement account other than a Roth 276
406	424		individual retirement account. The subtraction under this clause shall 277
407	425		be made in accordance with the following schedule: 278
408	426		T34
409	427		Federal Adjusted Gross Income Deduction
410		-	T35
411		-	Less than $100,000 100.0%
412		-	T36
413		-	$100,000 but not over $104,999 85.0%
	428	+	T35 Less than $100,000 100.0%
	429	+	T36 $100,000 but not over $104,999 85.0%
414	430		T37
415	431		$105,000 but not over $109,999 70.0%
416	432		T38
417	433		$110,000 but not over $114,999 55.0%
418	434		T39
419	435		$115,000 but not over $119,999 40.0%
420	436		T40
421	437		$120,000 but not over $124,999 25.0%
422		-	T41 $125,000 but not over $129,999 10.0%
	438	+	T41
	439	+	$125,000 but not over $129,999 10.0%
423	440		T42
424	441		$130,000 but not over $139,999 5.0%
425	442		T43
426	443		$140,000 but not over $149,999 2.5%
427		-	T44
428		-	$150,000 and over 0.0%
	444	+	T44 $150,000 and over 0.0%
429	445
430	446		(xxx) To the extent properly includable in gross income for federal 279
431	447		income tax purposes, for the taxable year commencing January 1, 2022, 280
432	448		the amount or amounts paid or otherwise credited to any eligible 281
433	449		resident of this state under (I) the 2020 Earned Income Tax Credit 282
	450	+	Raised Bill No. 7007
	451	+
	452	+
	453	+
	454	+	LCO No. 4995 12 of 14
	455	+
434	456		enhancement program from funding allocated to the state through the 283
435	457		Coronavirus Relief Fund established under the Coronavirus Aid, Relief, 284
436	458		and Economic Security Act, P.L. 116-136, and (II) the 2021 Earned 285
437	459		Income Tax Credit enhancement program from funding allocated to the 286
438	460		state pursuant to Section 9901 of Subtitle M of Title IX of the American 287
439		-	Rescue Plan Act of 2021, P.L. 117-2; 288 Raised Bill No. 7007
440		-
441		-
442		-	LCO 4995 12 of 13
443		-
	461	+	Rescue Plan Act of 2021, P.L. 117-2; 288
444	462		(xxxi) For the taxable year commencing January 1, 2023, and each 289
445	463		taxable year thereafter, for a taxpayer licensed under the provisions of 290
446	464		chapter 420f or 420h, the amount of ordinary and necessary expenses 291
447	465		that would be eligible to be claimed as a deduction for federal income 292
448	466		tax purposes under Section 162(a) of the Internal Revenue Code but that 293
449	467		are disallowed under Section 280E of the Internal Revenue Code 294
450	468		because marijuana is a controlled substance under the federal 295
451	469		Controlled Substance Act; 296
452	470		(xxxii) To the extent properly includable in gross income for federal 297
453	471		income tax purposes, for the taxable year commencing on or after 298
454	472		January 1, 2025, and each taxable year thereafter, any common stock 299
455	473		received by the taxpayer during the taxable year under a share plan, as 300
456	474		defined in section 12-217ss; 301
457	475		(xxxiii) To the extent properly includable in gross income for federal 302
458	476		income tax purposes, the amount of any student loan reimbursement 303
459	477		payment received by a taxpayer pursuant to section 10a-19m; 304
460	478		(xxxiv) Contributions to an ABLE account established pursuant to 305
461	479		sections 3-39k to 3-39q, inclusive, not to exceed five thousand dollars for 306
462	480		each individual taxpayer or ten thousand dollars for taxpayers filing a 307
463	481		joint return; [and] 308
464	482		(xxxv) To the extent properly includable in gross income for federal 309
465	483		income tax purposes, the amount of any payment received pursuant to 310
466	484		subsection (c) of section 3-122a; 311
467	485		(xxxvi) To the extent not deductible in determining federal adjusted 312
	486	+	Raised Bill No. 7007
	487	+
	488	+
	489	+
	490	+	LCO No. 4995 13 of 14
	491	+
468	492		gross income, ordinary and necessary expenses paid or incurred for the 313
469	493		care of any person seventy years of age or older related by blood, adoption 314
470	494		or marriage to the taxpayer during the taxable year in an amount not to 315
471	495		exceed sixty thousand dollars for the cost of full-time home health care, 316
472	496		including, but not limited to, the cost of medical supplies and in-home 317
473	497		services provided by homemakers or home health aides and other home 318
474	498		health care agency providers as such services and providers are described 319
475		-	in sections 19a-490 and 20-670; 320 Raised Bill No. 7007
476		-
477		-
478		-	LCO 4995 13 of 13
479		-
	499	+	in sections 19a-490 and 20-670; 320
480	500		(xxxvii) To the extent not deductible in determining federal adjusted 321
481	501		gross income, ordinary and necessary expenses paid or incurred for the 322
482	502		care of a qualifying individual, as defined in Section 21(b)(1)(A) of the 323
483	503		Internal Revenue Code, in an amount not to exceed three thousand dollars; 324
484	504		and 325
485	505		(xxxviii) To the extent not deductible in determining federal adjusted 326
486	506		gross income, ordinary and necessary expenses paid or incurred for the 327
487	507		care of a qualifying individual, as defined in Sections 21(b)(1)(B) and 328
488	508		21(b)(1)(C) of the Internal Revenue Code, in an amount not to exceed sixty 329
489	509		thousand dollars for the cost of full-time home health care, including, but 330
490	510		not limited to, the cost of medical supplies and in-home services provided 331
491	511		by homemakers or home health aides and other home health care agency 332
492	512		providers as such services and providers are described in sections 19a-490 333
493	513		and 20-670. 334
494	514		This act shall take effect as follows and shall amend the following
495	515		sections:
496	516
497	517		Section 1 from passage and
498	518		applicable to taxable years
499	519		commencing on or after
500	520		January 1, 2025
501	521		12-701(a)(20)(B)
502	522
503		-	AGE Joint Favorable C/R FIN
	523	+	Statement of Purpose:
	524	+	To provide financial relief for family caregivers.
	525	+
	526	+	Raised Bill No. 7007
	527	+
	528	+
	529	+
	530	+	LCO No. 4995 14 of 14
	531	+
	532	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	533	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	534	+	underlined.]
504	535