CT SB00397

Increases the annual income tax deduction limit for contributions to Connecticut's qualified state tuition programs (Section 529 plans) from $5,000 to $5,000 per child, with an overall cap of $10,000 per individual taxpayer

Increases the annual deduction limit for joint filers from $10,000 to $10,000 per child, with an overall cap of $20,000 per joint return

Allows taxpayers to carry forward unused contributions as income deductions for up to five succeeding taxable years, subject to the annual maximum limits

Effective July 1, 2014, and applies to taxable years beginning on or after January 1, 2014