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With tax season upon us once again, I wanted to let you know about a change in the CT State tax code which may benefit retired Connecticut military personnel.
According to the non-partisan Office of Legislative Research: Public Act (PA) 15-244 fully exempts federally taxable military retirement pay from the state income tax. Prior law exempted 50% of this retirement pay. This exemption applies to Federal retirement pay for retired members of the U.S. Army, Navy, Air Force, Marine Corps, Coast Guard, and Army and Air National Guard and is applicable to tax years beginning on or after January 1, 2015.
If you have questions about this exemption please consult a tax professional.
Please click for more information on this and other “Major Acts”.
Disclaimer – This document is provided for informational purposes only and is not to be considered tax planning advice. As such, it is not intended to substitute for proper tax, accounting or financial advice from professional financial or tax planners.
