This office lease clause is a more detailed form giving the tenant additional rights and the landlord further obligations as it relates to tax increases.
Connecticut Detailed Tax Increase Clause
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Multi-State
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US-OL19033GB
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Most notably, the budget bill lowers the 5% personal income tax rate to 4.5% and the 3% rate to 2%. Benefits will be capped at $150,000 for single filers and $300,000 for joint filers, effective January 1, 2024. The budget bill also extends the 10% corporation business tax surcharge until tax year 2025.
State income tax rates range from 3.0% to 6.99%, and the sales tax rate is 6.35%. Connecticut offers tax deductions and credits to reduce your tax liability, including a personal tax credit, an earned income credit and a property tax credit.
Personal income tax rates. For taxable years beginning January 1, 2024, the bill lowers the 5.0% personal income tax rate to 4.5% and the 3.0% rate to 2.0%.
All employers (new and existing) will see a 0.2% reduction in their calendar year 2023 tax rate: The state's new employer rate, originally 3.0% for 2023, is reduced to 2.8%. The fund solvency tax, originally 1.4% for 2023, is reduced to 1.2%.
The following new state income tax rates become effective in Connecticut for the 2024 tax year. Eligible single filers will pay 2% on the first $10,000 of taxable income. Eligible single filers will pay 4.5% on the next $40,000 of taxable income. Eligible joint filers will pay 2% on the first $20,000 of taxable income.
Sales tax is charged at a rate of 7.75% for any vehicle registered as passenger or combination when the total cost of the vehicle more than $50,000.
The EITC is based on earned income like salaries and wages. For example, for each dollar earned up to $16,510 in 2023, families with three or more children will receive a tax credit equal to 45 percent of those earnings, up to a maximum credit of $7,430.
Standard deduction increase: For tax year 2023, the standard deduction increased to $13,850 for single filers and $27,700 for married couples filing jointly. Tax brackets increase: Income tax brackets went up in 2023 to account for inflation.