In March 2017 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.
25% TAX EXCLUSION FOR 2016
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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.
Please contact your State Senator and State Representative and ask them for their continued support for your tax exemption. Let them know how important this tax exclusion is to you. Not moving forward as promised is perceived as a tax increase for retired teachers of Connecticut.
Click here to find your legislators’ contact information.