AN ACT CONCERNING THE AMORTIZABLE BOND PREMIUM SUBTRACTION FOR PURPOSES OF THE PERSONAL INCOME TAX.

Summary

The bill revises Connecticut’s tax code to let individuals subtract a broader set of items—such as certain bond interest, railroad retirement benefits, depreciation allowances, and amortizable bond premiums—from their state taxable income. It also updates the rules for subtracting Social Security benefits based on income levels. The changes aim to reduce state tax liability for taxpayers who earn these specific types of income.

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