The proposed bill, General Assembly Proposed Bill No. 5971, aims to amend section 12-701 of the general statutes to introduce a personal income tax deduction specifically for the public benefits charge included in electric bills. This deduction would allow taxpayers to deduct the amount they pay for this charge from their taxable income for the year, thereby potentially reducing their overall tax liability.
The bill does not indicate any deletions from current law but focuses solely on the insertion of the new provision for the personal income tax deduction related to the public benefits charge. The intent of the legislation is to provide financial relief to taxpayers by recognizing the public benefits charge as a deductible expense on their income tax returns.