LCO No. 126 1 of 1
General Assembly Proposed Bill No. 426
January Session, 2025
LCO No. 126
Referred to Committee on FINANCE, REVENUE AND
BONDING
Introduced by:
SEN. ANWAR, 3rd Dist.
AN ACT INCREASING THE QUALIFYING INCOME THRESHOLDS FOR
CERTAIN PERSONAL INCOME TAX DEDUCTIONS.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
That section 12-701 of the general statutes be amended to increase, 1
commencing with the taxable year commencing January 1, 2025, the 2
qualifying income thresholds for the personal income tax deductions for 3
Social Security benefits, pension and annuity income and distributions 4
from individual retirement accounts, as follows, and to adjust the 5
applicable phase-outs accordingly: (1) For individual filers, to less than 6
one hundred fifty thousand dollars; and (2) for married individuals 7
filing jointly, to less than two hundred fifty thousand dollars. 8
Statement of Purpose:
To increase the qualifying income thresholds for the personal income
tax deductions for Social Security benefits, pension and annuity income
and distributions from individual retirement accounts.