DRS: Tax Credits and Tax Adjustments Help Taxpayers

Tax Credits and Tax Adjustments Help Taxpayers

 

For Immediate Release:
Friday, March 7, 2014

 

Hartford – With the Income tax filing deadline just over a month away, Department of Revenue Services (DRS) Commissioner Kevin B. Sullivan urged taxpayers not to forget available credits and adjustments that can mean the difference between owing tax and getting a refund. Said Commissioner Sullivan, “We don’t want taxpayers to pay any more than they need to pay. The state income tax offers credits and adjustments that taxpayers need to know about.”  

 

In Connecticut, social security payments are only partially taxable as income.  Similarly, veterans receiving military retirement benefits only owe tax on half the income.

 

State taxpayers may also claim tax credits for:

 

  • Property taxes
  • Taxes paid to another jurisdiction
  • Certain employer job creation expenses
  • Angel investor business investments
  • Connecticut Higher Education Trust (CHET) contributions
  • Low income working families with children

Commissioner Sullivan also advised that shoreline area residents may be eligible for a federal income tax Disaster Area Loss Credit for property damage and loss caused by Storm Sandy.

 

Information on Connecticut income tax credits and adjustments can be found on the DRS website at www.ct.gov/drs. Visit the IRS website at www.irs.gov for information on federal income tax credits and filing.

 

Media calls should be directed to the communications office at (860)297-5610 or emailed to sarah.kaufman@po.state.ct.us.

 

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Content Last Modified on 3/7/2014 12:07:25 PM