CT HB05001

Increases the qualifying income threshold for the pension and annuity income deduction for married couples filing jointly from $100,000 to $150,000, effective for taxable years beginning January 1, 2021.

Makes the threshold for married filing jointly couples twice the amount of the threshold for unmarried individuals ($75,000), creating parity between filing statuses.

Applies to clause (xxi) of Connecticut General Statutes section 12-701(a)(20)(B), which governs income deductions for pension and annuity income.

Maintains the same phased deduction percentages for qualifying taxpayers: 14% for 2019, 28% for 2020, 42% for 2021, 56% for 2022, 70% for 2023, 84% for 2024, and 100% for 2025 and thereafter.

Referred to the Committee on Finance, Revenue and Bonding for the January 2021 legislative session.