CT
Connecticut House Bill HB06472

Connecticut 2019 Regular Session

Connecticut House Bill HB06472 Compare Versions

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7-General Assembly Substitute Bill No. 6472
8-January Session, 2019
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5+LCO No. 5553 1 of 3
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7+General Assembly Committee Bill No. 6472
8+January Session, 2019
9+LCO No. 5553
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12+Referred to Committee on HIGHER EDUCATION AND
13+EMPLOYMENT ADVANCEMENT
14+
15+
16+Introduced by:
17+(HED)
18+
19+
1320
1421 AN ACT ESTABLISHING A TAX CREDIT FOR GRADUATES OF
15-INSTITUTIONS OF HIGHER EDUCATION AND PRIVAT E
16-OCCUPATIONAL SCHOOLS IN THE STATE.
22+INSTITUTIONS OF HIGHER EDUCATION IN THE STATE.
1723 Be it enacted by the Senate and House of Representatives in General
1824 Assembly convened:
1925
20-Section 1. (NEW) (Effective July 1, 2019, and applicable to taxable years 1
26+Section 1. (NEW) (Effective July 1, 2019 and applicable to taxable years 1
2127 commencing on or after January 1, 2020) (a) For the taxable years 2
2228 commencing on or after January 1, 2020, there shall be allowed a credit 3
2329 against the personal income tax imposed under chapter 229 of the 4
2430 general statutes, for any resident of the state, as defined in subdivision 5
2531 (1) of subsection (a) of section 12-701 of the general statutes, who (1) on 6
2632 or after January 1, 2020, receives a bachelor's degree, associate degree 7
27-or advanced manufacturing certificate from a public or independent 8
33+or certificate in advanced manufacturing from a public or independent 8
2834 institution of higher education or private occupational school in the 9
2935 state, and (2) has a Connecticut adjusted gross income of not more than 10
3036 seventy-five thousand dollars during each taxable year in which the 11
31-credit is claimed. The credit allowed under this subsection shall be in 12
32-addition to any credit allowed pursuant to section 12-704f of the 13
33-general statutes, may be claimed for the ten successive taxable years 14
34-after the date of graduation and shall be equal to the resident's 15
35-qualified education loan expenses during the taxable year, but shall 16
36-not exceed (A) five hundred dollars annually for a resident with an 17
37-associate degree or advanced manufacturing certificate, (B) one 18
38-thousand dollars annually for a resident with a bachelor's degree, or 19 Substitute Bill No. 6472
37+credit is claimed. The credit allowed under this subsection may be 12
38+claimed for the ten successive taxable years after the date of 13
39+graduation and shall be equal to the resident's qualified education loan 14
40+expenses during the taxable year, but shall not exceed (A) five 15
41+hundred dollars annually for a resident with an associate degree or 16
42+Committee Bill No. 6472
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45-(C) one thousand five hundred dollars annually for a resident (i) with 20
46-a bachelor's degree, and (ii) employed in certain high-demand fields, 21
47-as identified by the Office of Higher Education, or in a science, 22
48-technology, engineering or math-related field. For the purposes of this 23
49-section, "qualified education loan expenses" means payments that a 24
50-resident of the state is legally obligated to make on a loan from a 25
51-private or governmental lender to finance attendance at a public or 26
52-independent institution of higher education or private occupational 27
53-school in the state and in an amount that is not offset by any other 28
54-federal, state or private education loan reimbursement program. 29
55-(b) The credit allowed pursuant to subsection (a) of this section may 30
56-only be used to reduce a resident's tax liability under chapter 229 of the 31
57-general statutes for the year for which such credit is applicable and 32
58-shall not be used to reduce such tax liability to less than zero. 33
59-(c) Any resident claiming a credit under subsection (a) of this 34
60-section shall provide any documentation required by the 35
61-Commissioner of Revenue Services in a form and manner prescribed 36
62-by said commissioner. 37
47+certificate in advanced manufacturing, (B) one thousand dollars 17
48+annually for a resident with a bachelor's degree, or (C) one thousand 18
49+five hundred dollars annually for a resident (i) with a bachelor's 19
50+degree, and (ii) employed in certain high-demand fields, as identified 20
51+by the Office of Higher Education, or employed in a science, 21
52+technology, engineering or math-related field, in addition to the credit 22
53+allowed to such residents pursuant to section 12-704f of the general 23
54+statutes. For the purposes of this section, "qualified education loan 24
55+expenses" means payments that a resident of the state is legally 25
56+obligated to make on a loan from a private or governmental lender to 26
57+finance attendance at a public or independent institution of higher 27
58+education or private occupational school in the state and in an amount 28
59+that is not offset by any other federal, state or private education loan 29
60+reimbursement program. 30
61+(b) The credit allowed pursuant to subsection (a) of this section may 31
62+only be used to reduce a resident's tax liability under chapter 229 of the 32
63+general statutes for the year for which such credit is applicable and 33
64+shall not be used to reduce such tax liability to less than zero. 34
65+(c) Any resident claiming a credit under subsection (a) of this 35
66+section shall provide any documentation required by the 36
67+Commissioner of Revenue Services in a form and manner prescribed 37
68+by said commissioner. 38
6369 This act shall take effect as follows and shall amend the following
6470 sections:
6571
66-Section 1 July 1, 2019, and
67-applicable to taxable years
72+Section 1 July 1, 2019 and applicable
73+to taxable years
6874 commencing on or after
6975 January 1, 2020
7076 New section
7177
72-HED Joint Favorable Subst.
78+Statement of Purpose:
79+To establish a personal income tax credit for graduates with a
80+bachelor's degree, associate degree or advanced manufacturing
81+Committee Bill No. 6472
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83+
84+LCO No. 5553 3 of 3
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86+certificate from a public or independent institution of higher education
87+or private occupational school in the state.
88+[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline,
89+except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is
90+not underlined.]
91+
92+Co-Sponsors: REP. TURCO, 27th Dist.; REP. ELLIOTT, 88th Dist.
93+REP. HENNESSY, 127th Dist.
94+
95+H.B. 6472
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