CT HB05273

Exempts 100% of military retirement pay from Connecticut state income tax, replacing a previous provision that allowed only a 50% exemption.

Applies to retirement pay received from the U.S. Armed Forces or the National Guard, as defined in federal law (Section 101 of Title 10 of the United States Code).

Effective from passage and applies to all taxable years commencing on or after January 1, 2011.

Amends Section 12-701(a)(20)(B) of the Connecticut General Statutes to modify the income tax subtraction provisions.