Raised Bill No. 7411 Summary

• Establishes a personal income tax deduction for premiums paid on individual health insurance policies purchased through the Connecticut Health Insurance Exchange, effective for taxable years beginning January 1, 2019.

• Limits the deduction to premiums for policies providing specific coverage types under Connecticut insurance law, including qualified health plans, with a maximum deduction of $5,000 per taxpayer per taxable year.

• For married couples filing jointly, the combined deduction cannot exceed $5,000 per taxable year, meaning the limit applies to the household rather than doubling for two spouses.

• Amends Connecticut General Statutes Section 12-701(a)(20)(B) to add the health insurance premium deduction as clause (xxvi) among other existing income tax deductions and exclusions.

• Takes effect July 1, 2019, and applies to taxable years commencing on or after January 1, 2019.