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CT HB05857

Bill

Official Source

Status

Introduced

1/28/2021

Primary Sponsor

Eleni Kavros DeGraw

Click for details

Origin

House of Representatives

2021 General Assembly

AI Summary

  • Phase out personal income tax on income from traditional, simplified employee pension (SEP), and savings incentive match plan (SIMPLE) individual retirement accounts (IRAs)
  • Apply the same phase-out method and timeline used for existing pension and annuity income tax exemptions
  • Commence the phase-out beginning in the taxable year starting January 1, 2021
  • Amend Connecticut general statutes to implement the IRA income tax relief

Legislative Description

An Act Phasing Out The Personal Income Tax On Certain Individual Retirement Account Income.

Last Action

Public Hearing 03/08

3/4/2021

Committee Referrals

Finance, Revenue and Bonding1/28/2021

Full Bill Text

No bill text available