The state of Connecticut has made the following tax law changes for tax year 2018:
- Property Tax Credit- The property tax credit eligibility requirements and amount remain the same for taxable year 2019. To qualify for the property tax credit you or your spouse, if married filing jointly, must be over age 65 or older by the end of the taxable year, or you must have claimed at least one dependent on your federal income tax return.
- Teacher Pensions-Income received from the Teachers Retirement System is allowed a 25% subtraction modification.
- Subtraction Modification of Pension and Annuity Income - Taxpayers with a federal filing status of single, married filing separately or head of household, with federal AGI for the taxable year of less than $75,000, or married filing jointly with federal AGI of less than $100,000 will be allowed to subtract 14% of any pension or annuity income received for the taxable year.
- NOTE: Taxpayers may not claim the 25% Teachers’ Retirement System income subtraction modification and the 14% pension and annuity income subtraction modification for the same income.
You can read more about the changes to Connecticut Tax Law here.
