CT HB06779

Increases the Connecticut income tax exemption for military retirement pay from the Armed Forces and National Guard, phased in over five years starting January 1, 2015

Exemption percentages increase as follows: 50% (2015), 60% (2016), 70% (2017), 80% (2018), 90% (2019), and 100% (2020 and later)

Adds exemption for state teachers' retirement system income phased in over three years: 10% (2015), 25% (2016), and 50% (2017 and later)

Section 1 takes effect from passage and applies to tax years beginning January 1, 2015

Section 2 takes effect July 1, 2015 and applies to tax years beginning January 1, 2015