HB05052: An Act Concerning The Personal Income Tax Deductions For Social Security Benefits, Pension And Annuity Income And Distributions From Certain Individual Retirement Accounts.

Legislative Summary

To allow the personal income tax deduction for distributions from certain individual retirement accounts to be fully effective sooner and to replace the current personal income tax deductions for Social Security benefits, pension and annuity income and distributions from certain individual retirement accounts to eliminate the marriage penalty, qualifying income thresholds and the cliff effect.