The proposed bill, General Assembly Proposed Bill No. 5016, aims to amend section 12-701a of the general statutes to increase the personal income tax deduction for contributions to state-established qualified state tuition programs, specifically 529 plans. The bill proposes to raise the deduction limit for individual taxpayers from $5,000 to $10,000, and for taxpayers filing jointly, from $10,000 to $20,000.

The intent of this legislation is to provide greater financial incentives for individuals and families to contribute to 529 qualified state tuition programs, thereby encouraging savings for higher education expenses. This change is expected to enhance the affordability of education and support the state's commitment to promoting higher education savings.