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CT SB00774

Bill

Official Source

Status

Introduced

1/19/2023

Primary Sponsor

Martin Looney

Click for details

Origin

Senate

2023 General Assembly

AI Summary

  • Increases the highest personal income tax marginal rate to 7.49% and the second highest rate to 7.2%
  • Establishes a capital gains surcharge of 1.75% on taxpayers with Connecticut adjusted gross income at or above the threshold for the highest marginal rate
  • Establishes a capital gains surcharge of 1% on taxpayers with Connecticut adjusted gross income at or above the threshold for the second highest marginal rate
  • Reduces the 5.5% personal income tax marginal rate to 5% and limits this reduced rate benefit to taxpayers with Connecticut adjusted gross income at or below the specified threshold
  • Adjusts the benefit recapture phase-in to align with the new income thresholds for the reduced marginal rate

Legislative Description

An Act Adjusting Certain Marginal Rates For The Personal Income Tax And Establishing A Capital Gains Surcharge.

Last Action

Public Hearing 02/27

2/17/2023

Committee Referrals

Finance, Revenue and Bonding1/19/2023

Full Bill Text

No bill text available