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CT HB05113

Bill

Official Source

Status

Introduced

2/14/2024

Primary Sponsor

Joshua Elliott

Click for details

Origin

House of Representatives

2024 General Assembly

AI Summary

  • Increase personal income tax by 1% on taxpayers with Connecticut adjusted gross income over $1 million and by 2% on taxpayers with income over $2 million
  • Establish a 4% surcharge on net gains from sale or exchange of capital assets
  • Provide a $600 child tax credit per dependent child funded by the revenue increases
  • Impose a 35 mill rate cap on municipalities and provide reimbursements to municipalities for resulting revenue loss
  • Support the debt-free community college program and public institutions of higher education in Connecticut using revenue from these increases

Legislative Description

An Act Increasing The Highest Marginal Rate Of The Personal Income Tax And Establishing A Capital Gains Surcharge To Provide Funding For Certain Child-related, Municipal And Higher Education Initiatives.

Last Action

Public Hearing 03/06

3/1/2024

Committee Referrals

Finance, Revenue and Bonding2/14/2024

Full Bill Text

No bill text available