The proposed bill, General Assembly Proposed Bill No. 113, aims to amend section 12-701a of the general statutes to increase the personal income tax deduction for contributions to state-established qualified state tuition programs, specifically 529 plans. The bill proposes to raise the deduction limit for individual taxpayers from $5,000 to $7,500 and for taxpayers filing jointly from $10,000 to $12,500.

This legislative change is intended to provide greater financial support for families saving for education through these state tuition programs, thereby encouraging more contributions and enhancing the accessibility of higher education funding. The bill reflects a commitment to improving educational opportunities by making it more financially feasible for families to invest in their children's future.