The proposed bill, General Assembly Proposed Bill No. 70, aims to amend section 12-701 of the general statutes to exempt Social Security benefits and pension or annuity income from the personal income tax for all taxpayers. This legislative change is intended to provide financial relief to individuals receiving these forms of income, thereby enhancing their economic well-being.

The bill introduces new legal language that specifies the exemption of Social Security benefits and pension or annuity income, while no deletions from current law are noted in the text provided. The overarching goal of the bill is to alleviate the tax burden on retirees and individuals relying on these income sources, as articulated in the statement of purpose.