Bill Text: CT HB05056 | 2017 | General Assembly | Introduced

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Bill Title: An Act Phasing Out The Personal Income Tax On Pension Benefit Income.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2017-01-04 - Referred to Joint Committee on Finance, Revenue and Bonding [HB05056 Detail]

Download: Connecticut-2017-HB05056-Introduced.html

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General Assembly		Proposed Bill No. 5056
January Session, 2017		LCO No. 103
		*00103*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. BELSITO, 53rd Dist.

AN ACT PHASING OUT THE PERSONAL INCOME TAX ON PENSION BENEFIT INCOME.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That chapter 229 of the general statutes be amended to exempt public and private pension benefit income from the personal income tax, such exemption to be phased in over a five-year period beginning July 1, 2019, at the following rates: (1) Ten per cent in the first year; (2) twenty per cent in the second year; (3) forty per cent in the third year; (4) eighty per cent in the fourth year; and (5) one hundred per cent in the fifth year.

Statement of Purpose:

To phase out personal income tax on public and private pension benefit income over a five-year period beginning July 1, 2019.