Plain English Breakdown
The effective date is missing from the provided metadata and text, so it cannot be determined when this law starts.
Exempting Retirement Income From Personal Income Tax
This bill changes state law to remove taxes on money people receive from Social Security, pensions, or annuities.
What This Bill Does
- Amends section 12-701 of the general statutes to exempt specific retirement income types.
- Exempts all taxpayers who receive Social Security benefits from paying personal income tax on that money.
- Exempts pension and annuity income for all taxpayers from the personal income tax.
Who It Names or Affects
- All taxpayers in the state
- People receiving Social Security benefits
- People with pension or annuity income
Limits and Unknowns
- The official source does not list an effective date for this law.
- The bill text does not explain how much money the tax change might save taxpayers.