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General Assembly Committee Bill No. 6472
January Session, 2019
LCO No. 5553
Referred to Committee on HIGHER EDUCATION AND
EMPLOYMENT ADVANCEMENT
Introduced by:
(HED)
AN ACT ESTABLISHING A TAX CREDIT FOR GRADUATES OF
INSTITUTIONS OF HIGHER EDUCATION IN THE STATE.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (NEW) (Effective July 1, 2019 and applicable to taxable years 1
commencing on or after January 1, 2020) (a) For the taxable years 2
commencing on or after January 1, 2020, there shall be allowed a credit 3
against the personal income tax imposed under chapter 229 of the 4
general statutes, for any resident of the state, as defined in subdivision 5
(1) of subsection (a) of section 12-701 of the general statutes, who (1) on 6
or after January 1, 2020, receives a bachelor's degree, associate degree 7
or certificate in advanced manufacturing from a public or independent 8
institution of higher education or private occupational school in the 9
state, and (2) has a Connecticut adjusted gross income of not more than 10
seventy-five thousand dollars during each taxable year in which the 11
credit is claimed. The credit allowed under this subsection may be 12
claimed for the ten successive taxable years after the date of 13
graduation and shall be equal to the resident's qualified education loan 14
expenses during the taxable year, but shall not exceed (A) five 15
hundred dollars annually for a resident with an associate degree or 16
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certificate in advanced manufacturing, (B) one thousand dollars 17
annually for a resident with a bachelor's degree, or (C) one thousand 18
five hundred dollars annually for a resident (i) with a bachelor's 19
degree, and (ii) employed in certain high-demand fields, as identified 20
by the Office of Higher Education, or employed in a science, 21
technology, engineering or math-related field, in addition to the credit 22
allowed to such residents pursuant to section 12-704f of the general 23
statutes. For the purposes of this section, "qualified education loan 24
expenses" means payments that a resident of the state is legally 25
obligated to make on a loan from a private or governmental lender to 26
finance attendance at a public or independent institution of higher 27
education or private occupational school in the state and in an amount 28
that is not offset by any other federal, state or private education loan 29
reimbursement program. 30
(b) The credit allowed pursuant to subsection (a) of this section may 31
only be used to reduce a resident's tax liability under chapter 229 of the 32
general statutes for the year for which such credit is applicable and 33
shall not be used to reduce such tax liability to less than zero. 34
(c) Any resident claiming a credit under subsection (a) of this 35
section shall provide any documentation required by the 36
Commissioner of Revenue Services in a form and manner prescribed 37
by said commissioner. 38
This act shall take effect as follows and shall amend the following
sections:
Section 1 July 1, 2019 and applicable
to taxable years
commencing on or after
January 1, 2020
New section
Statement of Purpose:
To establish a personal income tax credit for graduates with a
bachelor's degree, associate degree or advanced manufacturing
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certificate from a public or independent institution of higher education
or private occupational school in the state.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline,
except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is
not underlined.]
Co-Sponsors: REP. TURCO, 27th Dist.; REP. ELLIOTT, 88th Dist.
REP. HENNESSY, 127th Dist.
H.B. 6472