The proposed bill, General Assembly Proposed Bill No. 6463, aims to amend section 12-701 of the general statutes by eliminating the qualifying income thresholds for the personal income tax deductions for Social Security benefits. This change would allow individuals to claim deductions for their Social Security benefits regardless of their income level, thereby potentially increasing the tax relief available to a broader range of taxpayers.
The primary purpose of this legislation is to simplify the tax process for individuals receiving Social Security benefits and to provide financial relief by removing the restrictions that currently limit deductions based on income. By doing so, the bill seeks to enhance the financial well-being of retirees and those dependent on Social Security, making it easier for them to manage their tax obligations.