After hearing from countless seniors on the campaign trail last year about the high cost of living in the state, newly elected State Representative Nicole Klarides-Ditria has introduced legislation to exempt Social Security benefits from the state income tax.
“Social Security benefits are a safety net for retirees, and they rely heavily on this income to help pay their bills,” said Rep. Klarides-Ditria. “Taxing this income is another unnecessary burden placed on Connecticut residents and is a primary reason why retirees are leaving our state. Connecticut needs to reduce the taxes and regulations placed on our residents and this bill is a step in the right direction.”
Under current law, those receiving Social Security benefits who make more than $50,000 if single and $60,000 if married are taxed for 25% of their total receipts.
“Let’s not forget what we campaigned on during the election,” added Rep. Klarides-Ditria. “I heard from Democrat and Republican lawmakers that they would support this legislation, and now that this bill is before us, we should all work together to move this bill forward.”
A recent study conducted by WalletHub ranked Connecticut the fourth unfriendliest state to retire. Connecticut is one of only thirteen states in the country that currently taxes Social Security benefits.
This bill, H.B. 5512, now awaits action by the Finance, Revenue, and Bonding Committee. You can view and track legislation by visiting the General Assembly’s website, www.cga.ct.gov.
