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General Assembly Raised Bill No. 1552
January Session, 2025
LCO No. 6781
Referred to Committee on FINANCE, REVENUE AND
BONDING
Introduced by:
(FIN)
AN ACT PROMOTING THE OWNERSHIP AND USE OF GOLD AND
SILVER IN THE STATE AND ESTABLISHING THE CONNECTICUT
BULLION DEPOSITORY AND THE GOLD START SAVINGS
PROGRAM.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (NEW) (Effective from passage) (a) Gold or silver coins issued 1
by the United States government and gold or silver bullion are deemed 2
to be legal tender in the state. 3
(b) No individual or entity shall be required to accept such coins or 4
bullion in any transaction unless contractually agreed upon. 5
Sec. 2. (NEW) (Effective from passage) (a) The Banking Commissioner, 6
in consultation with the Treasurer, shall issue guidelines for integrating 7
the use of gold and silver in commercial activities and financial 8
transactions in the state. 9
(b) The Banking Commissioner, the Commissioner of Economic and 10
Community Development and the Treasurer shall develop educational 11
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programs on gold ownership, including, but not limited to, (1) in 12
consultation with the State Board of Education and the Commissioner 13
of Higher Education, the incorporation of gold investment principles in 14
financial literacy curricula in secondary schools and institutions of 15
higher education, (2) public awareness campaigns highlighting the use 16
of gold as a hedge against inflation and an alternative store of value, and 17
(3) incentive programs to encourage residents to diversify savings 18
through investments in precious metals. 19
Sec. 3. (NEW) (Effective from passage) (a) There is established a 20
Connecticut precious metals working group to monitor (1) economic 21
conditions, (2) inflation expectations, (3) precious metals prices and 22
activities, including the market activities of leading commodities 23
exchanges and bullion market associations, and (4) precious metals 24
legislation proposed in or enacted by other states. 25
(b) The working group shall consist of the following members: (1) 26
Members of the General Assembly, as designated by the chairpersons of 27
the joint standing committees of the General Assembly having 28
cognizance of matters relating to banking, finance, revenue and bonding 29
and commerce; (2) the Treasurer, or the Treasurer's designee; and (3) 30
any individuals said chairpersons deem relevant and necessary to carry 31
out the duties of the working group, including, but not limited to, 32
economists, bankers and residents who are precious metals investors. 33
(c) The administrative staff of the joint standing committee of the 34
General Assembly having cognizance of matters relating to finance, 35
revenue and bonding shall serve as administrative staff of the working 36
group. 37
(d) Commencing in calendar year 2026, and annually thereafter, the 38
working group shall submit a report to the joint standing committee of 39
the General Assembly having cognizance of matters relating to banking, 40
finance, revenue and bonding and commerce, summarizing the 41
working group's findings from its monitoring activities and including 42
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any recommendations to improve the precious metals market in the 43
state. 44
Sec. 4. (NEW) (Effective from passage) (a) In addition to the bonds 45
authorized under section 3-20 of the general statutes, the Treasurer may 46
issue gold-backed bonds, expressed in grams or ounces of gold. Interest 47
payments on gold bonds shall be made in gold or cash equivalent, at the 48
election of the bondholder. 49
(b) The Treasurer may adopt regulations, in accordance with the 50
provisions of chapter 54 of the general statutes, to implement the 51
provisions of this section. 52
Sec. 5. (NEW) (Effective from passage) (a) There is established the 53
Connecticut Bullion Depository to encourage the investment in and 54
ownership and use of gold and silver as mediums of exchange and 55
wealth preservation and to promote economic stability through gold-56
backed financial instruments. The depository shall be a division of the 57
office of the Treasurer and shall: 58
(1) Provide secure storage facilities for gold, silver and other precious 59
metals for individuals, businesses and government entities; 60
(2) (A) Offer and administer gold-backed savings accounts, whereby 61
the deposits in such accounts shall accrue interest and be withdrawable 62
in gold or United States currency, and (B) facilitate the use of financial 63
instruments, such as savings accounts, loans or electronic transactions, 64
that are backed by physical gold deposits; 65
(3) Develop and administer an electronic account system that allows 66
account holders to manage their gold holdings on deposit with the 67
depository; 68
(4) Offer account holders the option to lease their gold holdings on 69
deposit with the depository in exchange for a competitive interest rate; 70
and 71
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(5) Develop and facilitate low-cost methods for individuals, 72
businesses and government entities to purchase and sell gold holdings 73
through (A) the reduction of the use of intermediaries and premiums 74
associated with the conversion of precious metals into currency, (B) the 75
purchase of gold through the gold bead initiative described in 76
subsection (f) of this section, and (C) other methods that minimize 77
premiums above the spot market prices for precious metals. 78
(b) The assets stored in the Connecticut Bullion Depository shall not 79
constitute property of the state and shall be held separate and apart from 80
all other moneys, funds and accounts. Such assets shall not be subject to 81
appropriation by the state or used for any other purposes except as 82
provided under this section and the state shall have no claim to or 83
against, or interest in, such assets. 84
(c) The Connecticut Bullion Depository shall provide storage services 85
at the depository and services to convert precious metals stored at the 86
depository to United States currency and to acquire precious metals for 87
United States currency. 88
(1) The costs of providing depository storage services to each account 89
holder shall be determined annually on December thirty-first and shall 90
be based on the value, as determined on such date in accordance with 91
the official exchange rate reference selected under subdivision (3) of 92
subsection (g) of this section, of the assets that are stored at the 93
depository by such account holder. The state shall bear the storage 94
services costs of any account holder who is a resident of the state and 95
whose assets are valued at less than one million dollars. Any account 96
holder who is a resident of the state and whose assets are valued at one 97
million dollars or more, and any nonresident account holder, shall be 98
assessed the storage services costs and shall pay such costs to the 99
depository. 100
(2) If the depository utilizes a third party to manage the process of 101
such conversion or acquisition of precious metals, the state shall bear 102
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the costs charged by such third party. 103
(d) The Treasurer shall appoint an administrator to manage, 104
supervise and direct the operations of the Connecticut Bullion 105
Depository. Such administrator: 106
(1) May appoint or employ a deputy administrator or such other 107
administrative, information technology and security personnel, subject 108
to the approval of the Treasurer, as may be necessary for the efficient 109
administration of the depository and to ensure the safety and security 110
of the assets held by, and the transactions conducted by, the depository; 111
(2) May enter into agreements with third parties, in consultation with 112
the Treasurer, to carry out the provisions of this section; 113
(3) May recommend to the Treasurer vacant state-owned properties 114
or buildings and real property available by purchase, lease or donation, 115
that may be suitable for the location of the depository; and 116
(4) Shall consult regularly with the Treasurer on the operations and 117
administration of the depository. 118
(e) (1) The Treasurer, in coordination with the Connecticut Bullion 119
Depository, shall issue Connecticut Goldback certificates as a 120
sanctioned gold-backed medium of exchange within the state. Such 121
certificates shall: 122
(A) Be redeemable for physical gold or its equivalent market value in 123
United States currency; 124
(B) Be issued in standardized denominations recognized by national 125
and international standards of weights and measures for gold; 126
(C) Incorporate advanced security measures, such as serial numbers, 127
anticounterfeit holographic images or government verification seals; 128
and 129
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(D) Be made available for voluntary use by individuals, businesses 130
and government entities in commercial activities and financial 131
transactions conducted in the state. 132
(2) Any individual, business or government entity may accept 133
Connecticut Goldback certificates issued under this subsection as legal 134
tender for the payment of debts and taxes. 135
(3) The Connecticut Bullion Depository shall maintain gold reserves 136
that are equal to or exceeding the total value of Connecticut Goldback 137
certificates in circulation. 138
(4) The Treasurer shall implement periodic audits to verify the 139
sufficiency of the gold reserves backing the Connecticut Goldback 140
certificates and to ensure full transparency of such reserves. 141
(f) (1) The Connecticut Bullion Depository administrator shall 142
implement a fractional gold ownership program that will allow 143
individuals to purchase standardized gold beads, minted with an 144
official purity stamp, from refinery sources and store such beads with 145
the depository. The program shall be structured to minimize the 146
premiums charged above spot market gold prices and the administrator 147
shall seek to establish procurement channels to minimize such 148
premiums. 149
(2) The administrator shall collaborate with businesses and financial 150
institutions to facilitate the acceptance of gold beads in transactions for 151
goods and services in the state. 152
(g) The Treasurer shall adopt regulations, in accordance with the 153
provisions of chapter 54 of the general statutes, to establish operating 154
standards and procedures necessary to implement the provisions of this 155
section. Such regulations shall include, but need not be limited to: 156
(1) Methods to ensure that account assets deposited in the depository 157
are held separately for each account and not commingled; 158
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(2) Rules governing the types and quantities of deposits that may be 159
accepted by the depository and the establishment of any minimum 160
reserves required to be held for each account holder or for the 161
depository as a whole; 162
(3) Selection of the official exchange rate reference for pricing 163
precious metals transactions in terms of United States currency at the 164
time of a depository transaction; 165
(4) Requirements governing the deposit, withdrawal, transfer and 166
other account-related transactions of assets held in the depository; 167
(5) Establishment of the provisions required to be included in a 168
contract between the depository and account holders; 169
(6) The fees, service charges, penalties or interest the depository may 170
charge to or impose on account holders; 171
(7) Procedures to minimize the accounting and reporting 172
requirements of the depository and account holders with regard to 173
taxable gains and losses arising from depository transactions; and 174
(8) Requirements for the physical and technological safeguarding of 175
the assets held in the depository and the account holders' information 176
collected by the depository or the depository's agents. 177
(h) Commencing in calendar year 2027, and annually thereafter, the 178
Treasurer and the Connecticut Bullion Depository administrator shall 179
jointly submit an annual report, in accordance with the provisions of 180
section 11-4a of the general statutes, on the status, condition and 181
operation of the depository and depository participation. 182
Sec. 6. (NEW) (Effective from passage) (a) There is established the Gold 183
Start Savings Program to promote long-term asset-building and 184
incentivize residency for families in a concentrated poverty census tract, 185
as defined in section 32-7x of the general statutes, while rewarding 186
academic progress. The program shall provide, to children who reside 187
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in a concentrated poverty census tract, the opportunity to be awarded 188
gold deposits, to be held by the Treasurer, provided such children 189
satisfy certain residency requirements and educational milestones as set 190
forth in subsection (b) of this section. The Treasurer shall be responsible 191
for the holding and safeguarding of the gold deposits and the receipt, 192
maintenance, administration and disbursements of amounts from the 193
program. 194
(b) (1) To be eligible to be awarded a gold deposit under the program, 195
a child shall meet the following residency requirements and educational 196
milestones: 197
T1 Educational
Milestone
Gold
Allocation
Residency Requirement
T2 Preschool Year 1 1/100th ounce Residing in a concentrated
poverty census tract
T3 Preschool Year 2 1/100th ounce Residing in a concentrated
poverty census tract
T4 Preschool Year 3 1/100th ounce Residing in a concentrated
poverty census tract
T5 Kindergarten
Readiness, as
certified by the
enrolling school
1/30th ounce Residing in a concentrated
poverty census tract
T6 Third grade literacy
and math
proficiency, as
certified by the
enrolling school
1/30th ounce Residing in a concentrated
poverty census tract at the
time of meeting milestone
T7 Eighth grade 1/30th ounce Residing in a concentrated
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completion, as
certified by the
enrolling school
poverty census tract at the
time of meeting milestone
T8 High school
graduation, as
certified by the
enrolling school
1/30th ounce Residing in a concentrated
poverty census tract at the
time of meeting milestone
(2) To be eligible for the program, a child must meet the residency 198
requirement as of the date the child enrolls in year one of preschool. If 199
the child moves out of a concentrated poverty census tract at any time 200
after year one of preschool, such child shall not be awarded additional 201
gold deposits after such move but shall retain any gold deposits such 202
child has been awarded to date, except that if a child moves from one 203
such census tract to another such census tract, the child shall remain 204
eligible to be awarded additional gold deposits under the program. 205
(3) The Treasurer may enter into a memorandum of understanding 206
with any state agency or school to establish information-sharing 207
practices in accordance with all applicable state and federal laws, to 208
enable the Treasurer to verify, such as through school enrollment 209
records and parental tax filings, the location of a child's residence at the 210
time and that the child has met the required educational milestones. The 211
Treasurer shall verify, at each educational milestone, a child's residency 212
in a concentrated poverty census tract. 213
(c) (1) Gold deposits held by the Treasurer pursuant to this section 214
shall not constitute property of the state and shall be held separate and 215
apart from all other moneys, funds and accounts. Such assets shall not 216
be subject to appropriation by the state or used for any other purposes 217
except as provided under this section and the state shall have no claim 218
to or against, or interest in, such assets. 219
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(2) The Treasurer shall hold all gold deposits under this section in 220
trust until a child reaches the age of eighteen or redeems such deposits 221
for college tuition or vocational training. Any child who has been 222
awarded gold deposits under the program and has reached such age or 223
is enrolling in an institution of higher education or vocational training 224
courses may (A) retain the gold deposits as a long-term investment, (B) 225
convert the gold deposits to United States currency through the 226
Connecticut bullion depository established pursuant to section 5 of this 227
act, or (C) use the gold deposits or the value thereof for tuition costs or 228
the purchase of a first home, which home shall be located within a 229
concentrated poverty census tract. The Treasurer shall adopt 230
regulations, in accordance with the provisions of chapter 54 of the 231
general statutes, for the procedures and requirements for a child to 232
claim the gold deposits awarded to such child when the child becomes 233
eligible pursuant to this subdivision. 234
(3) (A) To the extent permitted by federal law, no disbursements from 235
the Gold Start Savings Program shall be considered to be an asset or 236
income for purposes of determining an individual's or a family's 237
eligibility for assistance under any program administered by the state. 238
(B) No disbursements from the program shall be considered to be an 239
asset for purposes of determining an individual's eligibility for need-240
based, institutional aid grants offered to an individual at public 241
institutions of higher education in the state. 242
Sec. 7. Subdivision (45) of section 12-412 of the general statutes is 243
repealed and the following is substituted in lieu thereof (Effective January 244
1, 2026, and applicable to sales occurring on or after January 1, 2026): 245
(45) Sales of and the storage or use of rare or antique coins, gold or 246
silver bullion with a purity level of at least ninety per cent, palladium 247
bullion, platinum and gold or silver legal tender of any nation, traded 248
according to its value as precious metal. [, provided such exemption 249
shall not be applicable with respect to any such sale, storage or use in 250
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which the total value of such bullion or legal tender sold by the retailer 251
is less than one thousand dollars.] 252
Sec. 8. Subparagraph (B) of subdivision (20) of subsection (a) of 253
section 12-701 of the general statutes is repealed and the following is 254
substituted in lieu thereof (Effective January 1, 2026, and applicable to 255
taxable years commencing on or after January 1, 2026): 256
(B) There shall be subtracted therefrom: 257
(i) To the extent properly includable in gross income for federal 258
income tax purposes, any income with respect to which taxation by any 259
state is prohibited by federal law; 260
(ii) To the extent allowable under section 12-718, exempt dividends 261
paid by a regulated investment company; 262
(iii) To the extent properly includable in gross income for federal 263
income tax purposes, the amount of any refund or credit for 264
overpayment of income taxes imposed by this state, or any other state 265
of the United States or a political subdivision thereof, or the District of 266
Columbia; 267
(iv) To the extent properly includable in gross income for federal 268
income tax purposes and not otherwise subtracted from federal 269
adjusted gross income pursuant to clause (x) of this subparagraph in 270
computing Connecticut adjusted gross income, any tier 1 railroad 271
retirement benefits; 272
(v) To the extent any additional allowance for depreciation under 273
Section 168(k) of the Internal Revenue Code for property placed in 274
service after September 27, 2017, was added to federal adjusted gross 275
income pursuant to subparagraph (A)(ix) of this subdivision in 276
computing Connecticut adjusted gross income, twenty-five per cent of 277
such additional allowance for depreciation in each of the four 278
succeeding taxable years; 279
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(vi) To the extent properly includable in gross income for federal 280
income tax purposes, any interest income from obligations issued by or 281
on behalf of the state of Connecticut, any political subdivision thereof, 282
or public instrumentality, state or local authority, district or similar 283
public entity created under the laws of the state of Connecticut; 284
(vii) To the extent properly includable in determining the net gain or 285
loss from the sale or other disposition of capital assets for federal income 286
tax purposes, any gain from the sale or exchange of obligations issued 287
by or on behalf of the state of Connecticut, any political subdivision 288
thereof, or public instrumentality, state or local authority, district or 289
similar public entity created under the laws of the state of Connecticut, 290
in the income year such gain was recognized; 291
(viii) Any interest on indebtedness incurred or continued to purchase 292
or carry obligations or securities the interest on which is subject to tax 293
under this chapter but exempt from federal income tax, to the extent that 294
such interest on indebtedness is not deductible in determining federal 295
adjusted gross income and is attributable to a trade or business carried 296
on by such individual; 297
(ix) Ordinary and necessary expenses paid or incurred during the 298
taxable year for the production or collection of income which is subject 299
to taxation under this chapter but exempt from federal income tax, or 300
the management, conservation or maintenance of property held for the 301
production of such income, and the amortizable bond premium for the 302
taxable year on any bond the interest on which is subject to tax under 303
this chapter but exempt from federal income tax, to the extent that such 304
expenses and premiums are not deductible in determining federal 305
adjusted gross income and are attributable to a trade or business carried 306
on by such individual; 307
(x) (I) For taxable years commencing prior to January 1, 2019, for a 308
person who files a return under the federal income tax as an unmarried 309
individual whose federal adjusted gross income for such taxable year is 310
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less than fifty thousand dollars, or as a married individual filing 311
separately whose federal adjusted gross income for such taxable year is 312
less than fifty thousand dollars, or for a husband and wife who file a 313
return under the federal income tax as married individuals filing jointly 314
whose federal adjusted gross income for such taxable year is less than 315
sixty thousand dollars or a person who files a return under the federal 316
income tax as a head of household whose federal adjusted gross income 317
for such taxable year is less than sixty thousand dollars, an amount 318
equal to the Social Security benefits includable for federal income tax 319
purposes; 320
(II) For taxable years commencing prior to January 1, 2019, for a 321
person who files a return under the federal income tax as an unmarried 322
individual whose federal adjusted gross income for such taxable year is 323
fifty thousand dollars or more, or as a married individual filing 324
separately whose federal adjusted gross income for such taxable year is 325
fifty thousand dollars or more, or for a husband and wife who file a 326
return under the federal income tax as married individuals filing jointly 327
whose federal adjusted gross income from such taxable year is sixty 328
thousand dollars or more or for a person who files a return under the 329
federal income tax as a head of household whose federal adjusted gross 330
income for such taxable year is sixty thousand dollars or more, an 331
amount equal to the difference between the amount of Social Security 332
benefits includable for federal income tax purposes and the lesser of 333
twenty-five per cent of the Social Security benefits received during the 334
taxable year, or twenty-five per cent of the excess described in Section 335
86(b)(1) of the Internal Revenue Code; 336
(III) For the taxable year commencing January 1, 2019, and each 337
taxable year thereafter, for a person who files a return under the federal 338
income tax as an unmarried individual whose federal adjusted gross 339
income for such taxable year is less than seventy-five thousand dollars, 340
or as a married individual filing separately whose federal adjusted gross 341
income for such taxable year is less than seventy-five thousand dollars, 342
or for a husband and wife who file a return under the federal income tax 343
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as married individuals filing jointly whose federal adjusted gross 344
income for such taxable year is less than one hundred thousand dollars 345
or a person who files a return under the federal income tax as a head of 346
household whose federal adjusted gross income for such taxable year is 347
less than one hundred thousand dollars, an amount equal to the Social 348
Security benefits includable for federal income tax purposes; and 349
(IV) For the taxable year commencing January 1, 2019, and each 350
taxable year thereafter, for a person who files a return under the federal 351
income tax as an unmarried individual whose federal adjusted gross 352
income for such taxable year is seventy-five thousand dollars or more, 353
or as a married individual filing separately whose federal adjusted gross 354
income for such taxable year is seventy-five thousand dollars or more, 355
or for a husband and wife who file a return under the federal income tax 356
as married individuals filing jointly whose federal adjusted gross 357
income from such taxable year is one hundred thousand dollars or more 358
or for a person who files a return under the federal income tax as a head 359
of household whose federal adjusted gross income for such taxable year 360
is one hundred thousand dollars or more, an amount equal to the 361
difference between the amount of Social Security benefits includable for 362
federal income tax purposes and the lesser of twenty-five per cent of the 363
Social Security benefits received during the taxable year, or twenty-five 364
per cent of the excess described in Section 86(b)(1) of the Internal 365
Revenue Code; 366
(xi) To the extent properly includable in gross income for federal 367
income tax purposes, any amount rebated to a taxpayer pursuant to 368
section 12-746; 369
(xii) To the extent properly includable in the gross income for federal 370
income tax purposes of a designated beneficiary, any distribution to 371
such beneficiary from any qualified state tuition program, as defined in 372
Section 529(b) of the Internal Revenue Code, established and 373
maintained by this state or any official, agency or instrumentality of the 374
state; 375
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(xiii) To the extent allowable under section 12-701a, contributions to 376
accounts established pursuant to any qualified state tuition program, as 377
defined in Section 529(b) of the Internal Revenue Code, established and 378
maintained by this state or any official, agency or instrumentality of the 379
state; 380
(xiv) To the extent properly includable in gross income for federal 381
income tax purposes, the amount of any Holocaust victims' settlement 382
payment received in the taxable year by a Holocaust victim; 383
(xv) To the extent properly includable in the gross income for federal 384
income tax purposes of a designated beneficiary, as defined in section 385
3-123aa, interest, dividends or capital gains earned on contributions to 386
accounts established for the designated beneficiary pursuant to the 387
Connecticut Homecare Option Program for the Elderly established by 388
sections 3-123aa to 3-123ff, inclusive; 389
(xvi) To the extent properly includable in gross income for federal 390
income tax purposes, any income received from the United States 391
government as retirement pay for a retired member of (I) the Armed 392
Forces of the United States, as defined in Section 101 of Title 10 of the 393
United States Code, or (II) the National Guard, as defined in Section 101 394
of Title 10 of the United States Code; 395
(xvii) To the extent properly includable in gross income for federal 396
income tax purposes for the taxable year, any income from the discharge 397
of indebtedness in connection with any reacquisition, after December 398
31, 2008, and before January 1, 2011, of an applicable debt instrument or 399
instruments, as those terms are defined in Section 108 of the Internal 400
Revenue Code, as amended by Section 1231 of the American Recovery 401
and Reinvestment Act of 2009, to the extent any such income was added 402
to federal adjusted gross income pursuant to subparagraph (A)(xi) of 403
this subdivision in computing Connecticut adjusted gross income for a 404
preceding taxable year; 405
(xviii) To the extent not deductible in determining federal adjusted 406
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gross income, the amount of any contribution to a manufacturing 407
reinvestment account established pursuant to section 32-9zz in the 408
taxable year that such contribution is made; 409
(xix) To the extent properly includable in gross income for federal 410
income tax purposes, (I) for the taxable year commencing January 1, 411
2015, ten per cent of the income received from the state teachers' 412
retirement system, (II) for the taxable years commencing January 1, 413
2016, to January 1, 2020, inclusive, twenty-five per cent of the income 414
received from the state teachers' retirement system, and (III) for the 415
taxable year commencing January 1, 2021, and each taxable year 416
thereafter, fifty per cent of the income received from the state teachers' 417
retirement system or, for a taxpayer whose federal adjusted gross 418
income does not exceed the applicable threshold under clause (xx) of 419
this subparagraph, the percentage pursuant to said clause of the income 420
received from the state teachers' retirement system, whichever 421
deduction is greater; 422
(xx) To the extent properly includable in gross income for federal 423
income tax purposes, except for retirement benefits under clause (iv) of 424
this subparagraph and retirement pay under clause (xvi) of this 425
subparagraph, for a person who files a return under the federal income 426
tax as an unmarried individual whose federal adjusted gross income for 427
such taxable year is less than seventy-five thousand dollars, or as a 428
married individual filing separately whose federal adjusted gross 429
income for such taxable year is less than seventy-five thousand dollars, 430
or as a head of household whose federal adjusted gross income for such 431
taxable year is less than seventy-five thousand dollars, or for a husband 432
and wife who file a return under the federal income tax as married 433
individuals filing jointly whose federal adjusted gross income for such 434
taxable year is less than one hundred thousand dollars, (I) for the taxable 435
year commencing January 1, 2019, fourteen per cent of any pension or 436
annuity income, (II) for the taxable year commencing January 1, 2020, 437
twenty-eight per cent of any pension or annuity income, (III) for the 438
taxable year commencing January 1, 2021, forty-two per cent of any 439
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pension or annuity income, and (IV) for the taxable years commencing 440
January 1, 2022, and January 1, 2023, one hundred per cent of any 441
pension or annuity income; 442
(xxi) To the extent properly includable in gross income for federal 443
income tax purposes, except for retirement benefits under clause (iv) of 444
this subparagraph and retirement pay under clause (xvi) of this 445
subparagraph, any pension or annuity income for the taxable year 446
commencing on or after January 1, 2024, and each taxable year 447
thereafter, in accordance with the following schedule, for a person who 448
files a return under the federal income tax as an unmarried individual 449
whose federal adjusted gross income for such taxable year is less than 450
one hundred thousand dollars, or as a married individual filing 451
separately whose federal adjusted gross income for such taxable year is 452
less than one hundred thousand dollars, or as a head of household 453
whose federal adjusted gross income for such taxable year is less than 454
one hundred thousand dollars: 455
T9
Federal Adjusted Gross Income Deduction
T10 Less than $75,000 100.0%
T11 $75,000 but not over $77,499 85.0%
T12
$77,500 but not over $79,999 70.0%
T13
$80,000 but not over $82,499 55.0%
T14
$82,500 but not over $84,999 40.0%
T15
$85,000 but not over $87,499 25.0%
T16
$87,500 but not over $89,999 10.0%
T17
$90,000 but not over $94,999 5.0%
T18
$95,000 but not over $99,999 2.5%
T19 $100,000 and over 0.0%
(xxii) To the extent properly includable in gross income for federal 456
income tax purposes, except for retirement benefits under clause (iv) of 457
this subparagraph and retirement pay under clause (xvi) of this 458
subparagraph, any pension or annuity income for the taxable year 459
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commencing on or after January 1, 2024, and each taxable year 460
thereafter, in accordance with the following schedule for married 461
individuals who file a return under the federal income tax as married 462
individuals filing jointly whose federal adjusted gross income for such 463
taxable year is less than one hundred fifty thousand dollars: 464
T20
Federal Adjusted Gross Income Deduction
T21
Less than $100,000 100.0%
T22
$100,000 but not over $104,999 85.0%
T23
$105,000 but not over $109,999 70.0%
T24 $110,000 but not over $114,999 55.0%
T25
$115,000 but not over $119,999 40.0%
T26
$120,000 but not over $124,999 25.0%
T27
$125,000 but not over $129,999 10.0%
T28
$130,000 but not over $139,999 5.0%
T29
$140,000 but not over $149,999 2.5%
T30
$150,000 and over 0.0%
(xxiii) The amount of lost wages and medical, travel and housing 465
expenses, not to exceed ten thousand dollars in the aggregate, incurred 466
by a taxpayer during the taxable year in connection with the donation 467
to another person of an organ for organ transplantation occurring on or 468
after January 1, 2017; 469
(xxiv) To the extent properly includable in gross income for federal 470
income tax purposes, the amount of any financial assistance received 471
from the Crumbling Foundations Assistance Fund or paid to or on 472
behalf of the owner of a residential building pursuant to sections 8-442 473
and 8-443; 474
(xxv) To the extent properly includable in gross income for federal 475
income tax purposes, the amount calculated pursuant to subsection (b) 476
of section 12-704g for income received by a general partner of a venture 477
capital fund, as defined in 17 CFR 275.203(l)-1, as amended from time to 478
Raised Bill No. 1552
LCO No. 6781 19 of 23
time; 479
(xxvi) To the extent any portion of a deduction under Section 179 of 480
the Internal Revenue Code was added to federal adjusted gross income 481
pursuant to subparagraph (A)(xiv) of this subdivision in computing 482
Connecticut adjusted gross income, twenty-five per cent of such 483
disallowed portion of the deduction in each of the four succeeding 484
taxable years; 485
(xxvii) To the extent properly includable in gross income for federal 486
income tax purposes, for a person who files a return under the federal 487
income tax as an unmarried individual whose federal adjusted gross 488
income for such taxable year is less than seventy-five thousand dollars, 489
or as a married individual filing separately whose federal adjusted gross 490
income for such taxable year is less than seventy-five thousand dollars, 491
or as a head of household whose federal adjusted gross income for such 492
taxable year is less than seventy-five thousand dollars, or for a husband 493
and wife who file a return under the federal income tax as married 494
individuals filing jointly whose federal adjusted gross income for such 495
taxable year is less than one hundred thousand dollars, for the taxable 496
year commencing January 1, 2023, twenty-five per cent of any 497
distribution from an individual retirement account other than a Roth 498
individual retirement account; 499
(xxviii) To the extent properly includable in gross income for federal 500
income tax purposes, for a person who files a return under the federal 501
income tax as an unmarried individual whose federal adjusted gross 502
income for such taxable year is less than one hundred thousand dollars, 503
or as a married individual filing separately whose federal adjusted gross 504
income for such taxable year is less than one hundred thousand dollars, 505
or as a head of household whose federal adjusted gross income for such 506
taxable year is less than one hundred thousand dollars, (I) for the taxable 507
year commencing January 1, 2024, fifty per cent of any distribution from 508
an individual retirement account other than a Roth individual 509
retirement account, (II) for the taxable year commencing January 1, 2025, 510
Raised Bill No. 1552
LCO No. 6781 20 of 23
seventy-five per cent of any distribution from an individual retirement 511
account other than a Roth individual retirement account, and (III) for 512
the taxable year commencing January 1, 2026, and each taxable year 513
thereafter, any distribution from an individual retirement account other 514
than a Roth individual retirement account. The subtraction under this 515
clause shall be made in accordance with the following schedule: 516
T31
Federal Adjusted Gross Income Deduction
T32
Less than $75,000 100.0%
T33
$75,000 but not over $77,499 85.0%
T34 $77,500 but not over $79,999 70.0%
T35
$80,000 but not over $82,499 55.0%
T36
$82,500 but not over $84,999 40.0%
T37
$85,000 but not over $87,499 25.0%
T38
$87,500 but not over $89,999 10.0%
T39
$90,000 but not over $94,999 5.0%
T40
$95,000 but not over $99,999 2.5%
T41
$100,000 and over 0.0%
(xxix) To the extent properly includable in gross income for federal 517
income tax purposes, for married individuals who file a return under 518
the federal income tax as married individuals filing jointly whose 519
federal adjusted gross income for such taxable year is less than one 520
hundred fifty thousand dollars, (I) for the taxable year commencing 521
January 1, 2024, fifty per cent of any distribution from an individual 522
retirement account other than a Roth individual retirement account, (II) 523
for the taxable year commencing January 1, 2025, seventy-five per cent 524
of any distribution from an individual retirement account other than a 525
Roth individual retirement account, and (III) for the taxable year 526
commencing January 1, 2026, and each taxable year thereafter, any 527
distribution from an individual retirement account other than a Roth 528
individual retirement account. The subtraction under this clause shall 529
be made in accordance with the following schedule: 530
Raised Bill No. 1552
LCO No. 6781 21 of 23
T42
Federal Adjusted Gross Income Deduction
T43 Less than $100,000 100.0%
T44
$100,000 but not over $104,999 85.0%
T45
$105,000 but not over $109,999 70.0%
T46
$110,000 but not over $114,999 55.0%
T47
$115,000 but not over $119,999 40.0%
T48
$120,000 but not over $124,999 25.0%
T49
$125,000 but not over $129,999 10.0%
T50
$130,000 but not over $139,999 5.0%
T51 $140,000 but not over $149,999 2.5%
T52
$150,000 and over 0.0%
(xxx) To the extent properly includable in gross income for federal 531
income tax purposes, for the taxable year commencing January 1, 2022, 532
the amount or amounts paid or otherwise credited to any eligible 533
resident of this state under (I) the 2020 Earned Income Tax Credit 534
enhancement program from funding allocated to the state through the 535
Coronavirus Relief Fund established under the Coronavirus Aid, Relief, 536
and Economic Security Act, P.L. 116-136, and (II) the 2021 Earned 537
Income Tax Credit enhancement program from funding allocated to the 538
state pursuant to Section 9901 of Subtitle M of Title IX of the American 539
Rescue Plan Act of 2021, P.L. 117-2; 540
(xxxi) For the taxable year commencing January 1, 2023, and each 541
taxable year thereafter, for a taxpayer licensed under the provisions of 542
chapter 420f or 420h, the amount of ordinary and necessary expenses 543
that would be eligible to be claimed as a deduction for federal income 544
tax purposes under Section 162(a) of the Internal Revenue Code but that 545
are disallowed under Section 280E of the Internal Revenue Code 546
because marijuana is a controlled substance under the federal 547
Controlled Substance Act; 548
(xxxii) To the extent properly includable in gross income for federal 549
income tax purposes, for the taxable year commencing on or after 550
Raised Bill No. 1552
LCO No. 6781 22 of 23
January 1, 2025, and each taxable year thereafter, any common stock 551
received by the taxpayer during the taxable year under a share plan, as 552
defined in section 12-217ss; 553
(xxxiii) To the extent properly includable in gross income for federal 554
income tax purposes, the amount of any student loan reimbursement 555
payment received by a taxpayer pursuant to section 10a-19m; 556
(xxxiv) Contributions to an ABLE account established pursuant to 557
sections 3-39k to 3-39q, inclusive, not to exceed five thousand dollars for 558
each individual taxpayer or ten thousand dollars for taxpayers filing a 559
joint return; [and] 560
(xxxv) To the extent properly includable in gross income for federal 561
income tax purposes, the amount of any payment received pursuant to 562
subsection (c) of section 3-122a; 563
(xxxvi) To the extent properly includable in gross income for federal 564
income tax purposes, the net gain received by an individual taxpayer 565
from the sale or exchange of gold or silver bullion, palladium bullion, 566
platinum or gold or silver legal tender of any nation, provided such 567
bullion, platinum or tender was held for more than six months prior to 568
such sale or exchange; and 569
(xxxvii) To the extent properly includable in gross income for federal 570
income tax purposes, (I) the net gain received by a taxpayer or by a 571
dependent child validly claimed on a federal income tax return for the 572
applicable taxable year, from the sale or exchange of gold deposits 573
under section 6 of this act, or (II) the value of such gold deposits. 574
This act shall take effect as follows and shall amend the following
sections:
Section 1 from passage New section
Sec. 2 from passage New section
Sec. 3 from passage New section
Sec. 4 from passage New section
Raised Bill No. 1552
LCO No. 6781 23 of 23
Sec. 5 from passage New section
Sec. 6 from passage New section
Sec. 7 January 1, 2026, and
applicable to sales
occurring on or after
January 1, 2026
12-412(45)
Sec. 8 January 1, 2026, and
applicable to taxable years
commencing on or after
January 1, 2026
12-701(a)(20)(B)
Statement of Purpose:
To (1) recognize gold and silver as legal tender in the state, (2)
implement various initiatives to promote the ownership and use of gold
and silver in trade and transactions, (3) establish the Connecticut Bullion
Depository, and (4) establish the Gold Start Savings Program for
children residing in a concentrated poverty census tract.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
underlined.]