CT SB00520

Exempts all military retirement pay income from Connecticut state income tax for retired members of the U.S. Armed Forces and National Guard, effective for taxable years commencing January 1, 2015.

Changes the previous limitation of "fifty per cent of" military retirement pay to "any" military retirement pay, making the full amount excludable from Connecticut adjusted gross income.

Adds a phased exemption for state teachers' retirement system income: 10% for 2015, 25% for 2016, and 50% for 2017 and thereafter, effective July 1, 2015.

Section 1 is effective from passage and applies to taxable years beginning January 1, 2015; Section 2 is effective July 1, 2015, restoring language from Public Act 14-47.