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

SB 113 increases the state personal income tax deduction for contributions to the state's 529 college savings plans. It raises the deduction limit from $5,000 to $7,500 for individual filers and from $10,000 to $12,500 for joint filers. The bill directly affects Connecticut taxpayers who contribute to the state-established 529 programs, allowing them to deduct more of their contributions from their taxable income. This change aims to make saving for higher education more financially accessible for families using the state's designated tuition savings plans.