SB 407 – Makes all of an individual's federal income tax liability deductible on their state taxes

• Sponsor: Wallingford
• LR Number: 1792S.01I
• Committee: Ways and Means
• Last Action: 3/28/2013 - Hearing Conducted S Ways and Means Committee
• Effective Date: August 28, 2013

Current Bill Summary

SB 407 - Currently an individual taxpayer may deduct up to $5,000 of their federal income tax liability on a single taxpayer return and $10,000 on a combined taxpayer return. This act removes the limits, beginning with the 2014 tax year, so that all of an individual taxpayer's federal income tax liability is deductible.

MIKE HAMMANN