The proposed bill, General Assembly Proposed Bill No. 41, aims to amend chapter 229 of the general statutes to introduce a personal income tax deduction specifically for taxpayers aged sixty-five and older. This deduction would apply to the amount of any capital gain realized from the sale of a primary home that is included in gross income for federal income tax purposes.

The bill seeks to provide financial relief to senior citizens by allowing them to deduct these capital gains from their taxable income, thereby potentially reducing their overall tax burden. This initiative reflects an effort to support older homeowners in managing their finances during retirement, particularly in light of the increasing costs associated with living and housing.