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Bolinsky Votes to End Taxing Social Security
State Rep. Mitch Bolinsky (R-106) announced his support for a bi-partisan plan to exempt federal Social Security pension benefits from Connecticut state income tax, a measure that has passed a key legislative hurdle by winning unanimous support in the Legislature’s Aging Committee. Currently, a taxpayer can deduct 100 % of their social security benefits if an individual’s federal-Annual Gross Income (AGI) is less than $50,000 or $60,000 for couples. If federal AGI equals or exceeds the threshold, the maximum deduction is 75% of their Social Security benefits. The legislation, HB-5236, An Act Exempting Social Security Benefits from State Income Tax is aimed to help Connecticut compete against other low tax states by making it a more attractive place to retire. Read More…
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McGorty Proposal Cutting State Tax on Social Security Gets Go-Ahead from Legislature’s Aging Committee
A proposal introduced by State Representative Ben McGorty (R-122) to exempt Social Security from the state income tax has been incorporated into a bill that has been approved by the legislature’s Committee on Aging. “People who have worked and lived in Connecticut aren’t able to afford retirement in Connecticut,” said Rep. McGorty. “The tax on Social Security is one reason why. This bill will begin the process of reversing policies that have sent many seniors packing once they enter their retirement years. I am very pleased that the Aging Committee has lent its bipartisan support to this legislation.” Read More…