The proposed Bill No. 100 aims to amend section 12-700 of the general statutes to reduce the personal income tax marginal rates for lower-income taxpayers. Specifically, the bill proposes to lower the two lowest marginal tax rates: the first rate will be reduced from two percent to zero percent, and the second rate will decrease from four and one-half percent to three percent. These changes will apply to taxpayers with an adjusted gross income of less than one hundred thousand dollars for single filers and less than two hundred thousand dollars for married individuals filing jointly.

The intent of this legislation is to provide tax relief to lower-income earners by significantly reducing their tax burden. The bill reflects a commitment to support individuals and families who fall within these income brackets, thereby promoting financial stability and potentially stimulating economic activity among these taxpayers.