Plain English Breakdown
The official status shows the bill passed both chambers but was referred to a committee on February 4, 2026; no effective date is provided.
Adjusting Personal Income Tax Levels Based on Inflation
This bill requires state officials to update personal income tax limits when prices for goods and services rise.
What This Bill Does
- Amends Chapter 229 of the general statutes regarding taxes.
- Requires that income thresholds for the personal income tax be adjusted in accordance with any change in the consumer price index.
Who It Names or Affects
- People who pay the state personal income tax
Terms To Know
- Income thresholds
- The specific amounts of money a person must earn before they owe taxes or move to a higher tax rate.
- Consumer price index
- A measure that tracks how much prices for common goods and services change over time.
Limits and Unknowns
- The bill text does not state when this rule will start.
- The source material does not explain the exact math used to calculate the adjustments beyond linking them to changes in the consumer price index.