Sec. 12-701a. Modification to Connecticut adjusted gross income for contributions to qualified state tuition program. - Connecticut Statutes

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Statutes > Connecticut > Title12 > Chap229 > Sec12-701a

      Sec. 12-701a. Modification to Connecticut adjusted gross income for contributions to qualified state tuition program. The maximum annual modification under subparagraph (B)(xiii) of subdivision (20) of subsection (a) of section 12-701 shall be equal to the amount of contributions to all accounts established pursuant to any qualified state tuition program, as defined in Section 529(b) of the Internal Revenue Code, established and maintained by this state or any official, agency or instrumentality of the state, but shall not exceed five thousand dollars for each individual taxpayer, or ten thousand dollars for taxpayers filing a joint return. Any amount of a contribution that is not subtracted by the taxpayer in the year for which the contribution is made, on or after January 1, 2006, may be carried forward as a subtraction from income for the succeeding five years; provided the amount subtracted shall not exceed the maximum allowed in each subsequent taxable year.

      (P.A. 06-186, S. 78.)

      History: P.A. 06-186 effective July 1, 2006, and applicable to taxable years commencing on or after January 1, 2006.

State Codes and Statutes

Statutes > Connecticut > Title12 > Chap229 > Sec12-701a

      Sec. 12-701a. Modification to Connecticut adjusted gross income for contributions to qualified state tuition program. The maximum annual modification under subparagraph (B)(xiii) of subdivision (20) of subsection (a) of section 12-701 shall be equal to the amount of contributions to all accounts established pursuant to any qualified state tuition program, as defined in Section 529(b) of the Internal Revenue Code, established and maintained by this state or any official, agency or instrumentality of the state, but shall not exceed five thousand dollars for each individual taxpayer, or ten thousand dollars for taxpayers filing a joint return. Any amount of a contribution that is not subtracted by the taxpayer in the year for which the contribution is made, on or after January 1, 2006, may be carried forward as a subtraction from income for the succeeding five years; provided the amount subtracted shall not exceed the maximum allowed in each subsequent taxable year.

      (P.A. 06-186, S. 78.)

      History: P.A. 06-186 effective July 1, 2006, and applicable to taxable years commencing on or after January 1, 2006.

State Codes and Statutes

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State Codes and Statutes

Statutes > Connecticut > Title12 > Chap229 > Sec12-701a

      Sec. 12-701a. Modification to Connecticut adjusted gross income for contributions to qualified state tuition program. The maximum annual modification under subparagraph (B)(xiii) of subdivision (20) of subsection (a) of section 12-701 shall be equal to the amount of contributions to all accounts established pursuant to any qualified state tuition program, as defined in Section 529(b) of the Internal Revenue Code, established and maintained by this state or any official, agency or instrumentality of the state, but shall not exceed five thousand dollars for each individual taxpayer, or ten thousand dollars for taxpayers filing a joint return. Any amount of a contribution that is not subtracted by the taxpayer in the year for which the contribution is made, on or after January 1, 2006, may be carried forward as a subtraction from income for the succeeding five years; provided the amount subtracted shall not exceed the maximum allowed in each subsequent taxable year.

      (P.A. 06-186, S. 78.)

      History: P.A. 06-186 effective July 1, 2006, and applicable to taxable years commencing on or after January 1, 2006.