AN ACT ELIMINATING THE QUALIFYING INCOME THRESHOLDS FOR THE PERSONAL INCOME TAX DEDUCTIONS FOR SOCIAL SECURITY BENEFITS, PENSION OR ANNUITY INCOME AND CERTAIN INDIVIDUAL RETIREMENT ACCOUNT DISTRIBUTIONS.

Plain English Breakdown

Checked against official source text during the last sync.

Act to Remove Income Limits for Tax Deductions on Certain Retirement Benefits

This act removes income limits that people must meet in order to get tax deductions for Social Security benefits, pensions or annuities, and certain retirement account distributions.

What This Bill Does

• Removes the income requirements needed to claim personal income tax deductions on Social Security benefits.
• Eliminates the income thresholds for tax deductions related to pension or annuity payments.
• Gets rid of qualifying income limits for tax deductions from individual retirement accounts (IRAs).

Who It Names or Affects

• People who receive Social Security benefits, pensions, or annuities and have IRA distributions.

Terms To Know

Social Security benefits

Money received from the government for retirement, disability, or survivorship after paying into the system through payroll taxes.

Pension or annuity income

Regular payments made to individuals by an employer or insurance company as part of a retirement plan.

Limits and Unknowns

• The bill does not specify when the changes will take effect.
• It is unclear how many people will be affected by this change in tax deductions.

Official Summary Text

To eliminate the qualifying income thresholds for the personal income tax deductions for Social Security benefits, pension or annuity income and distributions from individual retirement accounts.

Current Bill Text

LCO No. 64 1 of 1

General Assembly Proposed Bill No. 5022
February Session, 2026 LCO No. 64

Referred to Committee on FINANCE, REVENUE AND
BONDING

Introduced by:
REP. BUCHSBAUM, 69th Dist.

AN ACT ELIMINATING THE QUALIFYING INCOME THRESHOLDS
FOR THE PERSONAL INCOME TAX DEDUCTIONS FOR SOCIAL
SECURITY BENEFITS, PENSION OR ANNUITY INCOME AND
CERTAIN INDIVIDUAL RETIREMENT ACCOUNT DISTRIBUTIONS.
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 eliminate 1
the qualifying income thresholds for the personal income tax deductions 2
for Social Security benefits, pension or annuity income and distributions 3
from individual retirement accounts. 4
Statement of Purpose:
To eliminate the qualifying income thresholds for the personal income
tax deductions for Social Security benefits, pension or annuity income
and distributions from individual retirement accounts.