As inflation soars to 40-year highs, Connecticut lawmakers are considering a package of bills that could bring changes to the manner property and income taxes are calculated in the future.
This legislative session, the General Assembly is considering House Bill 5487, which could increase thresholds for the state’s property tax credit and eliminate some of the eligibility restrictions that are in place.
Also on the Legislature’s radar this session is House Bill 5489, which calls for inflation indexing the personal income tax, and House Bill 5490, which would establish a personal income tax deduction on rent paid, so long as the person’s primary residence is in Connecticut.
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