AN ACT CONCERNING THE AMOUNT OF THE PERSONAL INCOME TAX DEDUCTION FOR CONTRIBUTIONS TO STATE-ESTABLISHED 529 QUALIFIED STATE TUITION PROGRAMS.

HB 5753 increases the state personal income tax deduction for contributions to Connecticut's 529 college savings plans. It doubles the deduction limit from $5,000 to $10,000 for individual filers and from $10,000 to $20,000 for married couples filing jointly. The bill directly affects Connecticut taxpayers who contribute to state-established 529 plans, allowing them to reduce their taxable income by a larger amount. This change modifies the existing tax code to provide greater tax savings for families saving for qualified education expenses.