HB 5026 - Parity for Single-Filers Under Personal Income Tax

• Increases personal exemption amounts for single-filers under Connecticut's personal income tax through a 10-year phased plan from 2017 through 2026.

• Raises the personal exemption from $15,000 (2016) to $20,000 (2026 and beyond), with annual increases of $500 every two years between 2017 and 2025.

• Adjusts the income thresholds for exemption phase-out alongside each exemption increase to maintain the relationship between exemption amounts and income limits.

• Provides corresponding adjustments to the earned income tax credit tables for single-filers to remain proportional to the increasing exemption amounts.

• Effective January 1, 2017, and applies to all taxable years commencing on or after January 1, 2017.