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 without being subject to income limits, thereby potentially increasing the tax relief available to a broader range of taxpayers.
The intent of the bill is to simplify the tax process for individuals receiving Social Security benefits and to provide financial relief by removing barriers that currently restrict eligibility for deductions based on income levels. This legislative change is expected to benefit many residents by allowing them to retain more of their Social Security income without the constraints of qualifying thresholds.