Plain English Breakdown
The effective date is missing from both the metadata and the bill excerpt, so it remains unknown when this law would take effect.
Bill to Raise the Top Personal Income Tax Rate
This bill changes state law to raise the highest tax rate on personal income from 6.99% to 7.99%.
What This Bill Does
- Amends section 12-700 of the general statutes regarding taxes.
- Increases the top marginal rate for personal income tax by one percentage point.
- Sets the new highest tax rate at seven and ninety-nine-hundredths percent (7.99%).
- Replaces the previous highest rate of six and ninety-nine-hundredths percent (6.99%).
Who It Names or Affects
- Taxpayers whose earnings fall into the highest taxable bracket.
Limits and Unknowns
- The bill text does not list an effective date for when this change begins.
- The source material does not define which specific income levels trigger the highest tax rate.