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New law reduces taxes on retirement income, Social Security

A local lawmaker is updating residents on a new bill that reduces taxes on retirement income and Social Security.  State Senator Tony Hwang, whose district includes Newtown, says the measure now in place will impact 2019 tax returns.  Retirees making $7,000 or less and couples making $100,000 or less per year are now fully exempt from state income tax on Social Security.  There's also an increased amount of their pension income exempted from state income tax each year until 2025, when their pension income will be fully exempt.

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Todd Schnitt

Local Headlines