AN ACT CONCERNING LONG-TERM CARE INSURANCE PREMIUM RATES.

SB 1278 modifies Connecticut's income tax code by updating specific deductions used to calculate taxable income. It repeals existing tax adjustments and adds new provisions, including adjustments for Social Security benefits and interest from Connecticut state bonds. The bill directly affects Connecticut residents who itemize deductions on their state tax returns, particularly those receiving Social Security income or investing in state-issued bonds. Key provisions allow taxpayers to subtract certain Social Security benefits (based on federal adjusted gross income thresholds) and interest from Connecticut government obligations from their taxable income. These changes apply to tax years beginning on or after January 1, 2025.