HARTFORD, CT – TODAY, at the Norwalk Senior Center Senate Majority Leader Bob Duff (D-Norwalk) announced new tax cuts for seniors in the recent state budget that will go into effect on Tuesday, October 1.
Seniors who make $75,000 or less per year in retirement will owe zero state income tax on their Social Security earnings in April 2020. This also applies to married couples who make less than $100,000 per year. Pension and annuity income will be partially exempt from state income tax and 14% of this income is exempt in 2019, for next April’s taxes. 28% of this income will be exempt the following year and the tax cut will increase every year until 100% is exempt in 2025.
