Tuesday, June 25, 2024

Connecticut Tax Relief Measures Passed

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State Representative Joe Gresko, (D)
121st Connecticut House District

Dear Neighbor,

My colleagues and I delivered on our promise to lower taxes for those who need the most help. According to a report from the Center on Budget and Policy Priorities, Connecticut is a leader in tax relief for low- and middle-income earners. While other states cut taxes for the wealthy and corporations, Connecticut stands out for providing nearly $500 million in relief for individuals and families.

Below are some of the highlights of tax relief we passed this year:

  • Lowering the income tax rates to save many middle-class households $300-$500 a year
  • Raising the Earned Income Tax Credit level from 30.5% to 40% of the federal Earned Income Tax Credit – providing $210 on average for households earning less than $60,000 per year
  • Expanding an existing exemption for certain pension and annuity earnings, providing additional financial security for retirees and those close to retirement

The tax relief that was passed during the 2023 legislative session is an additional measure to the steps that we’ve already taken. For example, in Connecticut, all pension and annuity earnings are exempt from state income tax for individuals with an overall income of less than $75,000. Furthermore, by 2026, eligible taxpayers will enjoy complete tax exemption on income from IRA distributions.

To read additional information about our tax reforms go to:

https://ctmirror.org/2023/07/14/ct-income-tax-cut-middle-class-report

As always, please feel free to reach out to me at the Capitol at 860-842-0363 or email me at Joseph.Gresko@cga.ct.gov.

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