Connecticut 2025 Regular Session

Connecticut Senate Bill SB01429 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3		-	LCO 4829 1 of 13
	3	+	LCO No. 4829 1 of 13
4	4
5	5		General Assembly Raised Bill No. 1429
6	6		January Session, 2025
7	7		LCO No. 4829
8	8
9	9
10	10		Referred to Committee on VETERANS' AND MILITARY
11	11		AFFAIRS
12	12
13	13
14	14		Introduced by:
15	15		(VA)
	16	+
16	17
17	18
18	19
19	20		AN ACT ESTABLISHING A PERSONAL INCOME TAX DEDUCTION
20	21		FOR MILITARY FUNERAL HONOR GUARD DETAIL COMPENSATION.
21	22		Be it enacted by the Senate and House of Representatives in General
22	23		Assembly convened:
23	24
24	25		Section 1. Subparagraph (B) of subdivision (20) of subsection (a) of 1
25	26		section 12-701 of the general statutes is repealed and the following is 2
26	27		substituted in lieu thereof (Effective July 1, 2025, and applicable to taxable 3
27	28		years commencing on or after January 1, 2025): 4
28	29		(B) There shall be subtracted therefrom: 5
29	30		(i) To the extent properly includable in gross income for federal 6
30	31		income tax purposes, any income with respect to which taxation by any 7
31	32		state is prohibited by federal law; 8
32	33		(ii) To the extent allowable under section 12-718, exempt dividends 9
33	34		paid by a regulated investment company; 10
34	35		(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. 1429
	36	+	income tax purposes, the amount of any refund or credit for 12
	37	+	Raised Bill No. 1429
36	38
37	39
38		-	LCO 4829 2 of 13
	40	+
	41	+	LCO No. 4829 2 of 13
39	42
40	43		overpayment of income taxes imposed by this state, or any other state 13
41	44		of the United States or a political subdivision thereof, or the District of 14
42	45		Columbia; 15
43	46		(iv) To the extent properly includable in gross income for federal 16
44	47		income tax purposes and not otherwise subtracted from federal 17
45	48		adjusted gross income pursuant to clause (x) of this subparagraph in 18
46	49		computing Connecticut adjusted gross income, any tier 1 railroad 19
47	50		retirement benefits; 20
48	51		(v) To the extent any additional allowance for depreciation under 21
49	52		Section 168(k) of the Internal Revenue Code for property placed in 22
50	53		service after September 27, 2017, was added to federal adjusted gross 23
51	54		income pursuant to subparagraph (A)(ix) of this subdivision in 24
52	55		computing Connecticut adjusted gross income, twenty-five per cent of 25
53	56		such additional allowance for depreciation in each of the four 26
54	57		succeeding taxable years; 27
55	58		(vi) To the extent properly includable in gross income for federal 28
56	59		income tax purposes, any interest income from obligations issued by or 29
57	60		on behalf of the state of Connecticut, any political subdivision thereof, 30
58	61		or public instrumentality, state or local authority, district or similar 31
59	62		public entity created under the laws of the state of Connecticut; 32
60	63		(vii) To the extent properly includable in determining the net gain or 33
61	64		loss from the sale or other disposition of capital assets for federal income 34
62	65		tax purposes, any gain from the sale or exchange of obligations issued 35
63	66		by or on behalf of the state of Connecticut, any political subdivision 36
64	67		thereof, or public instrumentality, state or local authority, district or 37
65	68		similar public entity created under the laws of the state of Connecticut, 38
66	69		in the income year such gain was recognized; 39
67	70		(viii) Any interest on indebtedness incurred or continued to purchase 40
68	71		or carry obligations or securities the interest on which is subject to tax 41
69	72		under this chapter but exempt from federal income tax, to the extent that 42
70	73		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. 1429
	74	+	Raised Bill No. 1429
72	75
73	76
74		-	LCO 4829 3 of 13
75	77
	78	+	LCO No. 4829 3 of 13
	79	+
	80	+	adjusted gross income and is attributable to a trade or business carried 44
76	81		on by such individual; 45
77	82		(ix) Ordinary and necessary expenses paid or incurred during the 46
78	83		taxable year for the production or collection of income which is subject 47
79	84		to taxation under this chapter but exempt from federal income tax, or 48
80	85		the management, conservation or maintenance of property held for the 49
81	86		production of such income, and the amortizable bond premium for the 50
82	87		taxable year on any bond the interest on which is subject to tax under 51
83	88		this chapter but exempt from federal income tax, to the extent that such 52
84	89		expenses and premiums are not deductible in determining federal 53
85	90		adjusted gross income and are attributable to a trade or business carried 54
86	91		on by such individual; 55
87	92		(x) (I) For taxable years commencing prior to January 1, 2019, for a 56
88	93		person who files a return under the federal income tax as an unmarried 57
89	94		individual whose federal adjusted gross income for such taxable year is 58
90	95		less than fifty thousand dollars, or as a married individual filing 59
91	96		separately whose federal adjusted gross income for such taxable year is 60
92	97		less than fifty thousand dollars, or for a husband and wife who file a 61
93	98		return under the federal income tax as married individuals filing jointly 62
94	99		whose federal adjusted gross income for such taxable year is less than 63
95	100		sixty thousand dollars or a person who files a return under the federal 64
96	101		income tax as a head of household whose federal adjusted gross income 65
97	102		for such taxable year is less than sixty thousand dollars, an amount 66
98	103		equal to the Social Security benefits includable for federal income tax 67
99	104		purposes; 68
100	105		(II) For taxable years commencing prior to January 1, 2019, for a 69
101	106		person who files a return under the federal income tax as an unmarried 70
102	107		individual whose federal adjusted gross income for such taxable year is 71
103	108		fifty thousand dollars or more, or as a married individual filing 72
104	109		separately whose federal adjusted gross income for such taxable year is 73
105	110		fifty thousand dollars or more, or for a husband and wife who file a 74
106	111		return under the federal income tax as married individuals filing jointly 75
107		-	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. 1429
	112	+	Raised Bill No. 1429
109	113
110	114
111		-	LCO 4829 4 of 13
112	115
	116	+	LCO No. 4829 4 of 13
	117	+
	118	+	whose federal adjusted gross income from such taxable year is sixty 76
	119	+	thousand dollars or more or for a person who files a return under the 77
113	120		federal income tax as a head of household whose federal adjusted gross 78
114	121		income for such taxable year is sixty thousand dollars or more, an 79
115	122		amount equal to the difference between the amount of Social Security 80
116	123		benefits includable for federal income tax purposes and the lesser of 81
117	124		twenty-five per cent of the Social Security benefits received during the 82
118	125		taxable year, or twenty-five per cent of the excess described in Section 83
119	126		86(b)(1) of the Internal Revenue Code; 84
120	127		(III) For the taxable year commencing January 1, 2019, and each 85
121	128		taxable year thereafter, for a person who files a return under the federal 86
122	129		income tax as an unmarried individual whose federal adjusted gross 87
123	130		income for such taxable year is less than seventy-five thousand dollars, 88
124	131		or as a married individual filing separately whose federal adjusted gross 89
125	132		income for such taxable year is less than seventy-five thousand dollars, 90
126	133		or for a husband and wife who file a return under the federal income tax 91
127	134		as married individuals filing jointly whose federal adjusted gross 92
128	135		income for such taxable year is less than one hundred thousand dollars 93
129	136		or a person who files a return under the federal income tax as a head of 94
130	137		household whose federal adjusted gross income for such taxable year is 95
131	138		less than one hundred thousand dollars, an amount equal to the Social 96
132	139		Security benefits includable for federal income tax purposes; and 97
133	140		(IV) For the taxable year commencing January 1, 2019, and each 98
134	141		taxable year thereafter, for a person who files a return under the federal 99
135	142		income tax as an unmarried individual whose federal adjusted gross 100
136	143		income for such taxable year is seventy-five thousand dollars or more, 101
137	144		or as a married individual filing separately whose federal adjusted gross 102
138	145		income for such taxable year is seventy-five thousand dollars or more, 103
139	146		or for a husband and wife who file a return under the federal income tax 104
140	147		as married individuals filing jointly whose federal adjusted gross 105
141	148		income from such taxable year is one hundred thousand dollars or more 106
142	149		or for a person who files a return under the federal income tax as a head 107
143	150		of household whose federal adjusted gross income for such taxable year 108
	151	+	Raised Bill No. 1429
	152	+
	153	+
	154	+
	155	+	LCO No. 4829 5 of 13
	156	+
144	157		is one hundred thousand dollars or more, an amount equal to the 109
145	158		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. 1429
147		-
148		-
149		-	LCO 4829 5 of 13
150		-
	159	+	federal income tax purposes and the lesser of twenty-five per cent of the 111
151	160		Social Security benefits received during the taxable year, or twenty-five 112
152	161		per cent of the excess described in Section 86(b)(1) of the Internal 113
153	162		Revenue Code; 114
154	163		(xi) To the extent properly includable in gross income for federal 115
155	164		income tax purposes, any amount rebated to a taxpayer pursuant to 116
156	165		section 12-746; 117
157	166		(xii) To the extent properly includable in the gross income for federal 118
158	167		income tax purposes of a designated beneficiary, any distribution to 119
159	168		such beneficiary from any qualified state tuition program, as defined in 120
160	169		Section 529(b) of the Internal Revenue Code, established and 121
161	170		maintained by this state or any official, agency or instrumentality of the 122
162	171		state; 123
163	172		(xiii) To the extent allowable under section 12-701a, contributions to 124
164	173		accounts established pursuant to any qualified state tuition program, as 125
165	174		defined in Section 529(b) of the Internal Revenue Code, established and 126
166	175		maintained by this state or any official, agency or instrumentality of the 127
167	176		state; 128
168	177		(xiv) To the extent properly includable in gross income for federal 129
169	178		income tax purposes, the amount of any Holocaust victims' settlement 130
170	179		payment received in the taxable year by a Holocaust victim; 131
171	180		(xv) To the extent properly includable in the gross income for federal 132
172	181		income tax purposes of a designated beneficiary, as defined in section 133
173	182		3-123aa, interest, dividends or capital gains earned on contributions to 134
174	183		accounts established for the designated beneficiary pursuant to the 135
175	184		Connecticut Homecare Option Program for the Elderly established by 136
176	185		sections 3-123aa to 3-123ff, inclusive; 137
177	186		(xvi) To the extent properly includable in gross income for federal 138
	187	+	Raised Bill No. 1429
	188	+
	189	+
	190	+
	191	+	LCO No. 4829 6 of 13
	192	+
178	193		income tax purposes, any income received from the United States 139
179	194		government as retirement pay for a retired member of (I) the Armed 140
180	195		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. 1429
182		-
183		-
184		-	LCO 4829 6 of 13
185		-
	196	+	United States Code, or (II) the National Guard, as defined in Section 101 142
186	197		of Title 10 of the United States Code; 143
187	198		(xvii) To the extent properly includable in gross income for federal 144
188	199		income tax purposes for the taxable year, any income from the discharge 145
189	200		of indebtedness in connection with any reacquisition, after December 146
190	201		31, 2008, and before January 1, 2011, of an applicable debt instrument or 147
191	202		instruments, as those terms are defined in Section 108 of the Internal 148
192	203		Revenue Code, as amended by Section 1231 of the American Recovery 149
193	204		and Reinvestment Act of 2009, to the extent any such income was added 150
194	205		to federal adjusted gross income pursuant to subparagraph (A)(xi) of 151
195	206		this subdivision in computing Connecticut adjusted gross income for a 152
196	207		preceding taxable year; 153
197	208		(xviii) To the extent not deductible in determining federal adjusted 154
198	209		gross income, the amount of any contribution to a manufacturing 155
199	210		reinvestment account established pursuant to section 32-9zz in the 156
200	211		taxable year that such contribution is made; 157
201	212		(xix) To the extent properly includable in gross income for federal 158
202	213		income tax purposes, (I) for the taxable year commencing January 1, 159
203	214		2015, ten per cent of the income received from the state teachers' 160
204	215		retirement system, (II) for the taxable years commencing January 1, 161
205	216		2016, to January 1, 2020, inclusive, twenty-five per cent of the income 162
206	217		received from the state teachers' retirement system, and (III) for the 163
207	218		taxable year commencing January 1, 2021, and each taxable year 164
208	219		thereafter, fifty per cent of the income received from the state teachers' 165
209	220		retirement system or, for a taxpayer whose federal adjusted gross 166
210	221		income does not exceed the applicable threshold under clause (xx) of 167
211	222		this subparagraph, the percentage pursuant to said clause of the income 168
212	223		received from the state teachers' retirement system, whichever 169
213	224		deduction is greater; 170
	225	+	Raised Bill No. 1429
	226	+
	227	+
	228	+
	229	+	LCO No. 4829 7 of 13
	230	+
214	231		(xx) To the extent properly includable in gross income for federal 171
215	232		income tax purposes, except for retirement benefits under clause (iv) of 172
216	233		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. 1429
218		-
219		-
220		-	LCO 4829 7 of 13
221		-
	234	+	subparagraph, for a person who files a return under the federal income 174
222	235		tax as an unmarried individual whose federal adjusted gross income for 175
223	236		such taxable year is less than seventy-five thousand dollars, or as a 176
224	237		married individual filing separately whose federal adjusted gross 177
225	238		income for such taxable year is less than seventy-five thousand dollars, 178
226	239		or as a head of household whose federal adjusted gross income for such 179
227	240		taxable year is less than seventy-five thousand dollars, or for a husband 180
228	241		and wife who file a return under the federal income tax as married 181
229	242		individuals filing jointly whose federal adjusted gross income for such 182
230	243		taxable year is less than one hundred thousand dollars, (I) for the taxable 183
231	244		year commencing January 1, 2019, fourteen per cent of any pension or 184
232	245		annuity income, (II) for the taxable year commencing January 1, 2020, 185
233	246		twenty-eight per cent of any pension or annuity income, (III) for the 186
234	247		taxable year commencing January 1, 2021, forty-two per cent of any 187
235	248		pension or annuity income, and (IV) for the taxable years commencing 188
236	249		January 1, 2022, and January 1, 2023, one hundred per cent of any 189
237	250		pension or annuity income; 190
238	251		(xxi) To the extent properly includable in gross income for federal 191
239	252		income tax purposes, except for retirement benefits under clause (iv) of 192
240	253		this subparagraph and retirement pay under clause (xvi) of this 193
241	254		subparagraph, any pension or annuity income for the taxable year 194
242	255		commencing on or after January 1, 2024, and each taxable year 195
243	256		thereafter, in accordance with the following schedule, for a person who 196
244	257		files a return under the federal income tax as an unmarried individual 197
245	258		whose federal adjusted gross income for such taxable year is less than 198
246	259		one hundred thousand dollars, or as a married individual filing 199
247	260		separately whose federal adjusted gross income for such taxable year is 200
248	261		less than one hundred thousand dollars, or as a head of household 201
249	262		whose federal adjusted gross income for such taxable year is less than 202
250	263		one hundred thousand dollars: 203
	264	+	Raised Bill No. 1429
	265	+
	266	+
	267	+
	268	+	LCO No. 4829 8 of 13
	269	+
251	270
252	271		T1
253	272		Federal Adjusted Gross Income Deduction
254	273		T2
255		-	Less than $75,000 100.0% Raised Bill No. 1429
256		-
257		-
258		-	LCO 4829 8 of 13
259		-
	274	+	Less than $75,000 100.0%
260	275		T3
261	276		$75,000 but not over $77,499 85.0%
262	277		T4
263	278		$77,500 but not over $79,999 70.0%
264	279		T5
265	280		$80,000 but not over $82,499 55.0%
266	281		T6
267	282		$82,500 but not over $84,999 40.0%
268	283		T7
269	284		$85,000 but not over $87,499 25.0%
270	285		T8
271	286		$87,500 but not over $89,999 10.0%
272		-	T9
273		-	$90,000 but not over $94,999 5.0%
274		-	T10 $95,000 but not over $99,999 2.5%
275		-	T11 $100,000 and over 0.0%
	287	+	T9 $90,000 but not over $94,999 5.0%
	288	+	T10
	289	+	$95,000 but not over $99,999 2.5%
	290	+	T11
	291	+	$100,000 and over 0.0%
276	292
277	293		(xxii) To the extent properly includable in gross income for federal 204
278	294		income tax purposes, except for retirement benefits under clause (iv) of 205
279	295		this subparagraph and retirement pay under clause (xvi) of this 206
280	296		subparagraph, any pension or annuity income for the taxable year 207
281	297		commencing on or after January 1, 2024, and each taxable year 208
282	298		thereafter, in accordance with the following schedule for married 209
283	299		individuals who file a return under the federal income tax as married 210
284	300		individuals filing jointly whose federal adjusted gross income for such 211
285	301		taxable year is less than one hundred fifty thousand dollars: 212
	302	+
286	303		T12
287	304		Federal Adjusted Gross Income Deduction
288	305		T13
289	306		Less than $100,000 100.0%
290	307		T14
291	308		$100,000 but not over $104,999 85.0%
292	309		T15
293	310		$105,000 but not over $109,999 70.0%
294		-	T16
295		-	$110,000 but not over $114,999 55.0%
	311	+	T16 $110,000 but not over $114,999 55.0%
296	312		T17
297	313		$115,000 but not over $119,999 40.0%
298	314		T18 $120,000 but not over $124,999 25.0%
299		-	T19
300		-	$125,000 but not over $129,999 10.0%
	315	+	Raised Bill No. 1429
	316	+
	317	+
	318	+
	319	+	LCO No. 4829 9 of 13
	320	+
	321	+	T19 $125,000 but not over $129,999 10.0%
301	322		T20
302	323		$130,000 but not over $139,999 5.0%
303	324		T21
304	325		$140,000 but not over $149,999 2.5%
305	326		T22
306	327		$150,000 and over 0.0%
	328	+
307	329		(xxiii) The amount of lost wages and medical, travel and housing 213
308	330		expenses, not to exceed ten thousand dollars in the aggregate, incurred 214
309		-	by a taxpayer during the taxable year in connection with the donation 215 Raised Bill No. 1429
310		-
311		-
312		-	LCO 4829 9 of 13
313		-
	331	+	by a taxpayer during the taxable year in connection with the donation 215
314	332		to another person of an organ for organ transplantation occurring on or 216
315	333		after January 1, 2017; 217
316	334		(xxiv) To the extent properly includable in gross income for federal 218
317	335		income tax purposes, the amount of any financial assistance received 219
318	336		from the Crumbling Foundations Assistance Fund or paid to or on 220
319	337		behalf of the owner of a residential building pursuant to sections 8-442 221
320	338		and 8-443; 222
321	339		(xxv) To the extent properly includable in gross income for federal 223
322	340		income tax purposes, the amount calculated pursuant to subsection (b) 224
323	341		of section 12-704g for income received by a general partner of a venture 225
324	342		capital fund, as defined in 17 CFR 275.203(l)-1, as amended from time to 226
325	343		time; 227
326	344		(xxvi) To the extent any portion of a deduction under Section 179 of 228
327	345		the Internal Revenue Code was added to federal adjusted gross income 229
328	346		pursuant to subparagraph (A)(xiv) of this subdivision in computing 230
329	347		Connecticut adjusted gross income, twenty-five per cent of such 231
330	348		disallowed portion of the deduction in each of the four succeeding 232
331	349		taxable years; 233
332	350		(xxvii) To the extent properly includable in gross income for federal 234
333	351		income tax purposes, for a person who files a return under the federal 235
334	352		income tax as an unmarried individual whose federal adjusted gross 236
335	353		income for such taxable year is less than seventy-five thousand dollars, 237
336	354		or as a married individual filing separately whose federal adjusted gross 238
	355	+	Raised Bill No. 1429
	356	+
	357	+
	358	+
	359	+	LCO No. 4829 10 of 13
	360	+
337	361		income for such taxable year is less than seventy-five thousand dollars, 239
338	362		or as a head of household whose federal adjusted gross income for such 240
339	363		taxable year is less than seventy-five thousand dollars, or for a husband 241
340	364		and wife who file a return under the federal income tax as married 242
341	365		individuals filing jointly whose federal adjusted gross income for such 243
342	366		taxable year is less than one hundred thousand dollars, for the taxable 244
343	367		year commencing January 1, 2023, twenty-five per cent of any 245
344	368		distribution from an individual retirement account other than a Roth 246
345		-	individual retirement account; 247 Raised Bill No. 1429
346		-
347		-
348		-	LCO 4829 10 of 13
349		-
	369	+	individual retirement account; 247
350	370		(xxviii) To the extent properly includable in gross income for federal 248
351	371		income tax purposes, for a person who files a return under the federal 249
352	372		income tax as an unmarried individual whose federal adjusted gross 250
353	373		income for such taxable year is less than one hundred thousand dollars, 251
354	374		or as a married individual filing separately whose federal adjusted gross 252
355	375		income for such taxable year is less than one hundred thousand dollars, 253
356	376		or as a head of household whose federal adjusted gross income for such 254
357	377		taxable year is less than one hundred thousand dollars, (I) for the taxable 255
358	378		year commencing January 1, 2024, fifty per cent of any distribution from 256
359	379		an individual retirement account other than a Roth individual 257
360	380		retirement account, (II) for the taxable year commencing January 1, 2025, 258
361	381		seventy-five per cent of any distribution from an individual retirement 259
362	382		account other than a Roth individual retirement account, and (III) for 260
363	383		the taxable year commencing January 1, 2026, and each taxable year 261
364	384		thereafter, any distribution from an individual retirement account other 262
365	385		than a Roth individual retirement account. The subtraction under this 263
366	386		clause shall be made in accordance with the following schedule: 264
	387	+
367	388		T23
368	389		Federal Adjusted Gross Income Deduction
369	390		T24
370	391		Less than $75,000 100.0%
371	392		T25
372	393		$75,000 but not over $77,499 85.0%
373		-	T26
374		-	$77,500 but not over $79,999 70.0%
375		-	T27
376		-	$80,000 but not over $82,499 55.0%
	394	+	T26 $77,500 but not over $79,999 70.0%
	395	+	Raised Bill No. 1429
	396	+
	397	+
	398	+
	399	+	LCO No. 4829 11 of 13
	400	+
	401	+	T27 $80,000 but not over $82,499 55.0%
377	402		T28
378	403		$82,500 but not over $84,999 40.0%
379	404		T29
380	405		$85,000 but not over $87,499 25.0%
381	406		T30
382	407		$87,500 but not over $89,999 10.0%
383		-	T31 $90,000 but not over $94,999 5.0%
	408	+	T31
	409	+	$90,000 but not over $94,999 5.0%
384	410		T32
385	411		$95,000 but not over $99,999 2.5%
386	412		T33
387	413		$100,000 and over 0.0%
388	414
389	415		(xxix) To the extent properly includable in gross income for federal 265
390	416		income tax purposes, for married individuals who file a return under 266
391	417		the federal income tax as married individuals filing jointly whose 267
392		-	federal adjusted gross income for such taxable year is less than one 268 Raised Bill No. 1429
393		-
394		-
395		-	LCO 4829 11 of 13
396		-
	418	+	federal adjusted gross income for such taxable year is less than one 268
397	419		hundred fifty thousand dollars, (I) for the taxable year commencing 269
398	420		January 1, 2024, fifty per cent of any distribution from an individual 270
399	421		retirement account other than a Roth individual retirement account, (II) 271
400	422		for the taxable year commencing January 1, 2025, seventy-five per cent 272
401	423		of any distribution from an individual retirement account other than a 273
402	424		Roth individual retirement account, and (III) for the taxable year 274
403	425		commencing January 1, 2026, and each taxable year thereafter, any 275
404	426		distribution from an individual retirement account other than a Roth 276
405	427		individual retirement account. The subtraction under this clause shall 277
406	428		be made in accordance with the following schedule: 278
	429	+
407	430		T34
408	431		Federal Adjusted Gross Income Deduction
409	432		T35
410	433		Less than $100,000 100.0%
411	434		T36
412	435		$100,000 but not over $104,999 85.0%
413		-	T37
414		-	$105,000 but not over $109,999 70.0%
	436	+	T37 $105,000 but not over $109,999 70.0%
415	437		T38
416	438		$110,000 but not over $114,999 55.0%
417	439		T39
418	440		$115,000 but not over $119,999 40.0%
419	441		T40
420	442		$120,000 but not over $124,999 25.0%
421	443		T41 $125,000 but not over $129,999 10.0%
422		-	T42
423		-	$130,000 but not over $139,999 5.0%
	444	+	Raised Bill No. 1429
	445	+
	446	+
	447	+
	448	+	LCO No. 4829 12 of 13
	449	+
	450	+	T42 $130,000 but not over $139,999 5.0%
424	451		T43
425	452		$140,000 but not over $149,999 2.5%
426	453		T44
427	454		$150,000 and over 0.0%
428	455
429	456		(xxx) To the extent properly includable in gross income for federal 279
430	457		income tax purposes, for the taxable year commencing January 1, 2022, 280
431	458		the amount or amounts paid or otherwise credited to any eligible 281
432	459		resident of this state under (I) the 2020 Earned Income Tax Credit 282
433	460		enhancement program from funding allocated to the state through the 283
434	461		Coronavirus Relief Fund established under the Coronavirus Aid, Relief, 284
435	462		and Economic Security Act, P.L. 116-136, and (II) the 2021 Earned 285
436	463		Income Tax Credit enhancement program from funding allocated to the 286
437	464		state pursuant to Section 9901 of Subtitle M of Title IX of the American 287
438		-	Rescue Plan Act of 2021, P.L. 117-2; 288 Raised Bill No. 1429
439		-
440		-
441		-	LCO 4829 12 of 13
442		-
	465	+	Rescue Plan Act of 2021, P.L. 117-2; 288
443	466		(xxxi) For the taxable year commencing January 1, 2023, and each 289
444	467		taxable year thereafter, for a taxpayer licensed under the provisions of 290
445	468		chapter 420f or 420h, the amount of ordinary and necessary expenses 291
446	469		that would be eligible to be claimed as a deduction for federal income 292
447	470		tax purposes under Section 162(a) of the Internal Revenue Code but that 293
448	471		are disallowed under Section 280E of the Internal Revenue Code 294
449	472		because marijuana is a controlled substance under the federal 295
450	473		Controlled Substance Act; 296
451	474		(xxxii) To the extent properly includable in gross income for federal 297
452	475		income tax purposes, for the taxable year commencing on or after 298
453	476		January 1, 2025, and each taxable year thereafter, any common stock 299
454	477		received by the taxpayer during the taxable year under a share plan, as 300
455	478		defined in section 12-217ss; 301
456	479		(xxxiii) To the extent properly includable in gross income for federal 302
457	480		income tax purposes, the amount of any student loan reimbursement 303
458	481		payment received by a taxpayer pursuant to section 10a-19m; 304
459	482		(xxxiv) Contributions to an ABLE account established pursuant to 305
	483	+	Raised Bill No. 1429
	484	+
	485	+
	486	+
	487	+	LCO No. 4829 13 of 13
	488	+
460	489		sections 3-39k to 3-39q, inclusive, not to exceed five thousand dollars for 306
461	490		each individual taxpayer or ten thousand dollars for taxpayers filing a 307
462	491		joint return; [and] 308
463	492		(xxxv) To the extent properly includable in gross income for federal 309
464	493		income tax purposes, the amount of any payment received pursuant to 310
465	494		subsection (c) of section 3-122a; and 311
466	495		(xxxvi) To the extent properly includable in gross income for federal 312
467	496		income tax purposes, the amount of any compensation received for 313
468	497		attending a funeral as a member of an honor guard detail pursuant to 314
469	498		section 27-76. 315
470	499		This act shall take effect as follows and shall amend the following
471	500		sections:
472		-	Raised Bill No. 1429
473		-
474		-
475		-	LCO 4829 13 of 13
476	501
477	502		Section 1 July 1, 2025, and
478	503		applicable to taxable years
479	504		commencing on or after
480	505		January 1, 2025
481	506		12-701(a)(20)(B)
482	507
483		-	VA Joint Favorable C/R FIN
	508	+	Statement of Purpose:
	509	+	To establish a personal income tax deduction for compensation received
	510	+	as a result of participation in military funeral honor guard details.
	511	+
	512	+	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
	513	+	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
	514	+	underlined.]
484	515