Bill Text: CT SB00272 | 2017 | General Assembly | Introduced
Bill Title: An Act Phasing In An Exemption From The Personal Income Tax For Certain Pension Income.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2017-02-27 - Public Hearing 03/03 [SB00272 Detail]
Download: Connecticut-2017-SB00272-Introduced.html
General Assembly |
Proposed Bill No. 272 |
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January Session, 2017 |
LCO No. 1556 | ||||
*01556* | |||||
Referred to Committee on FINANCE, REVENUE AND BONDING |
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Introduced by: |
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SEN. FASANO, 34th Dist. SEN. WITKOS, 8th Dist. |
AN ACT PHASING IN AN EXEMPTION FROM THE PERSONAL INCOME TAX FOR CERTAIN PENSION INCOME.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That chapter 229 of the general statutes be amended to phase in, beginning January 1, 2018, an exemption from the personal income tax for pension income to a maximum of one hundred thousand dollars, with a reduction each year of twenty per cent of the tax.
Statement of Purpose:
To ease Connecticut's tax burden on retirees by phasing in an exemption over a five-year period from the personal income tax for pension income to a maximum of one hundred thousand dollars, beginning January 1, 2018.