The proposed bill, General Assembly Proposed Bill No. 6461, aims to amend title 12 of the general statutes by eliminating two key tax components: the estate and gift taxes, as well as the qualifying income thresholds for personal income tax deductions related to Social Security benefits and pension and annuity income. This legislative change seeks to simplify the tax structure and potentially provide financial relief to individuals receiving these forms of income.

Specifically, the bill introduces new legal language to remove the estate and gift taxes entirely, along with the qualifying income thresholds that currently limit deductions for Social Security benefits and pension and annuity income. By doing so, the bill intends to enhance the financial situation of taxpayers by allowing them to benefit from these deductions without income restrictions, thereby promoting greater equity in the tax system.