Proposed Bill No. 5085, introduced by Representative Foncello of the 107th District, aims to amend Title 12 of the general statutes to eliminate the personal income tax on distributions from individual retirement accounts (IRAs). The bill, which has been referred to the Committee on Finance, Revenue, and Bonding, seeks to remove the tax burden on IRA distributions for all individuals, irrespective of their income level.

The purpose of the bill is straightforward: to do away with the personal income tax imposed on distributions that individuals receive from their IRAs. By proposing this change, the bill intends to provide financial relief to retirees and others who rely on their retirement savings for income. The bill does not specify any income thresholds or limitations, indicating that the tax elimination would apply universally to all such distributions.