Legislative News 2017
ARTC—PART OF THE GOVERNOR’S CONVERSATION
The Governor’s Office invited ARTC to discuss Governor Malloy’s budget proposals which concern retired teachers. At a meeting which took place with the Governor’s staff, ARTC learned that the Governor is including the promised tax exclusions in his 2017-2018 budget. We commend Governor Malloy’s continued support of CT retired teachers. We appreciate his commitment to promote the fairness of the tax exclusion and his effort to contribute to the health care fund. We also have met with the Finance committee to discuss and seek their support for the tax exclusions. We will continue to lobby legislators for their support of the Governor’s proposal as it makes its way through the various Legislative Committees.
As you may know the Governor is also exploring additional ways for the State to meet its pension obligations. Seeking some support from the towns and municipalities toward teacher pension costs, even with economic fairness built into the equation, is certain to raise controversy. ARTC will continue to monitor the Governor’s and Legislature’s proposals regarding the maintenance of our pensions.
We appreciate that ARTC representing retired teachers has been invited to be part of the conversation. With your support we will continue to promote the interests of all CT retired teachers.
GOOD NEWS FROM YOUR LEGISLATIVE CO-CHAIRS
25% TAX EXCLUSION FOR 2016
click here to download your tax booklet
ARTC is happy to announce that the 25% tax exclusion on pension income for those filing a CT income tax is available for 2016. We thank all the members of ARTC who worked hard to meet with theirlegislators and lobby at the Capital to achieve this milestone.
This tax exclusion, granted by the CT State Legislature and approved by the Governor, is only on retired teacher pension income when a CT income tax is filed. Please see the attached CT tax form item No. 45. Be aware that the tax exclusion does not apply on federal income tax. It does not apply in filing income tax in other states.
According to the TRB, the average CT pension is about $50,000. The 25% tax exclusion on this $50,000 would result in paying tax on $37,500. Higher pensions will result in greater savings, lower pensions in lower savings, but everyone will have a savings benefit.
For years ARTC has fought to eliminate the teacher pension from state income tak. Through our efforts the Governor proposed a tax exclusion for 2015 (10%), 2016 (25%) and 2017 (50%) and it was approved
by the CT Legislature and signed into law. With the present projected 1.5 billion dollar deficit in the budget, we will work diligently to ensure that the 50% tax exclusion for retired teachers pension for 2017 remains in place. We need your help in supporting this effort.
Please join ARTC now.
Cathy D’Agostino and Sandra Bove