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Connecticut phasing out income tax on pension, annuity income

Connecticut is phasing out income tax on pension and annuity income for senior taxpayers earning below certain thresholds.  Danbury state Senator Julie Kushner says the percent of their income exempt from taxation will grow from 28 to 42 percent.  She says that savings will only continue to accelerate for those impacted when all income becomes exempt in 2025. The legislative change takes effect January 1st for those earning less than $75,000 in pension and annuity income for single filers, married people filing separately and heads of households, and for those married couples filing jointly and earning less than $100,000.  Kushner hopes this puts money back in the hands of seniors who need it most because they are on fixed incomes.

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