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 made to state-established qualified state tuition programs, specifically 529 accounts. The current deduction limit for individual taxpayers is set at five thousand dollars, which will be raised to seven thousand five hundred dollars. For taxpayers filing a joint return, the deduction limit will increase from ten thousand dollars to twelve thousand five hundred dollars.

The purpose of this bill is to provide greater financial relief to individuals and families contributing to 529 qualified state tuition programs, thereby encouraging savings for higher education expenses. The proposed changes reflect a commitment to support educational funding and make it more accessible for residents of the state.