CT Income tax exemptions from Retirement income

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This legislative action was passed in CT and we were wondering if Oracle was going to offer a delivered option for this. Otherwise, we expect over 40 thousand CT -W4 requests pertaining to the below.

Currently, taxpayers with AGIs of less than $75,000 or $100,000 (as applicable) are fully exempt from income tax on their pension and annuity income and partially exempt from income tax on IRA income (the IRA exemption does not fully phase-in until the 2026 tax year). Until the 2024 tax year, those with incomes equal to or greater than these amounts do not qualify for the pension and annuity or IRA income exemptions. However, the FY 24-25 budget act eliminates this cliff for the 2024 tax year and beyond by increasing the eligibility thresholds and correspondingly phasing out the exemptions.