CT HB05316

Establishes the Farmers' Retirement Savings Trust effective January 1, 2023, as a state instrumentality to hold Section 401(k) retirement plan assets for state resident farmers

Designates the Comptroller to manage trust receipts, investments, administration, and disbursements using prudent investor standards without requiring direct investment in state obligations

Exempts trust participation from state securities regulations (sections 36b-16 and 36b-22) and requires the Comptroller to obtain written legal advice that the trust complies with federal securities laws

Makes trust funds exempt from state and local taxation and excludes invested amounts from consideration as assets for temporary family assistance, federal Low Income Home Energy Assistance Program, and need-based educational aid eligibility

Requires the Commissioner of Revenue Services to study and report by January 1, 2023, on a potential tax deduction for farmers contributing to the trust, not exceeding 5% of annual income