Connecticut General Statutes 12-701a – Subtraction for contributions to qualified state tuition program
The maximum amount that may be subtracted 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.
Terms Used In Connecticut General Statutes 12-701a
- Internal Revenue Code: means the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended. See Connecticut General Statutes 12-701
- succeeding: when used by way of reference to any section or sections, mean the section or sections next preceding, next following or next succeeding, unless some other section is expressly designated in such reference. See Connecticut General Statutes 1-1
- Taxable year: means taxable year as determined in accordance with section 12-708. See Connecticut General Statutes 12-701
- Taxpayer: means any person, trust or estate subject to the tax imposed under this chapter. See Connecticut General Statutes 12-701