Budget & Taxes (Pensions)

HB 5022 eliminates income limits that previously restricted who could claim tax deductions for Social Security benefits, pension or annuity income, and certain retirement account withdrawals. This change directly affects retirees and older adults whose income from these sources would now qualify for the deduction regardless of their total earnings. The bill modifies tax code section 12-701 to remove these qualifying thresholds, simplifying the deduction process. As a result, more individuals receiving these income types will benefit from reduced taxable income under the state's personal income tax system.

HB 5097 eliminates income limits that previously restricted eligibility for tax deductions on Social Security benefits, pensions, annuities, and certain retirement account withdrawals. This change directly affects retirees and senior citizens who receive these income types, allowing them to claim the deduction regardless of their total income level. The bill amends Section 12-701 of the tax code to remove the qualifying income thresholds, simplifying the deduction process. It does not change the deduction amount but expands who qualifies for it.

HB 5094 would exempt Social Security benefits and pension or annuity income from the state's personal income tax for all taxpayers. This policy change directly affects individuals receiving these income sources, primarily retirees and seniors, by eliminating state tax on those payments. The bill amends Section 12-701 of the general statutes to create this exemption, removing these income types from the state tax base. The change applies uniformly to all taxpayers regardless of income level or age.

SB 70 would exempt all Social Security benefits and pension or annuity income from state personal income tax for every taxpayer. This policy change directly affects residents receiving these income types, removing them from the taxable base. The bill amends Section 12-701 of the general statutes to implement this universal exemption. It creates a concrete tax relief measure without altering other income tax provisions.