The proposed bill, General Assembly Proposed Bill No. 5051, aims to amend section 12-701 of the general statutes to introduce a personal income tax deduction specifically for tips or gratuities and overtime pay that are eligible for federal income tax deductions. This change is intended to provide financial relief to individuals who receive tips or work overtime, aligning state tax regulations with federal guidelines.

The bill does not specify any deletions from current law but focuses on the insertion of the new tax deduction provision. By establishing this deduction, the bill seeks to support workers in industries where tips are a significant part of income and to recognize the additional earnings from overtime work, thereby promoting fairness in the tax system.