AN ACT CONCERNING THE USE OF BUDGET SURPLUSES.


General Assembly		*Proposed Bill No. 47*
*February Session, 2012*		LCO No. 452

Referred to Committee on Finance, Revenue and Bonding
Introduced by:
SEN. KELLY, 21^st Dist.

AN ACT CONCERNING THE USE OF BUDGET SURPLUSES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That the general statutes be amended to require that one-half of any budget surplus be applied to an increase in the threshold for an exemption from income taxation.

Statement of Purpose:

To utilize half of all state budget surpluses for income tax relief by increasing the amount of income that is exempt from income taxation.