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General Assembly Substitute Bill No. 6472
January Session, 2019
AN ACT ESTABLISHING A TAX CREDIT FOR GRADUATES OF
INSTITUTIONS OF HIGHER EDUCATION AND PRIVAT E
OCCUPATIONAL SCHOOLS 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 advanced manufacturing certificate 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 shall be in 12
addition to any credit allowed pursuant to section 12-704f of the 13
general statutes, may be claimed for the ten successive taxable years 14
after the date of graduation and shall be equal to the resident's 15
qualified education loan expenses during the taxable year, but shall 16
not exceed (A) five hundred dollars annually for a resident with an 17
associate degree or advanced manufacturing certificate, (B) one 18
thousand dollars annually for a resident with a bachelor's degree, or 19 Substitute Bill No. 6472
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(C) one thousand five hundred dollars annually for a resident (i) with 20
a bachelor's degree, and (ii) employed in certain high-demand fields, 21
as identified by the Office of Higher Education, or in a science, 22
technology, engineering or math-related field. For the purposes of this 23
section, "qualified education loan expenses" means payments that a 24
resident of the state is legally obligated to make on a loan from a 25
private or governmental lender to finance attendance at a public or 26
independent institution of higher education or private occupational 27
school in the state and in an amount that is not offset by any other 28
federal, state or private education loan reimbursement program. 29
(b) The credit allowed pursuant to subsection (a) of this section may 30
only be used to reduce a resident's tax liability under chapter 229 of the 31
general statutes for the year for which such credit is applicable and 32
shall not be used to reduce such tax liability to less than zero. 33
(c) Any resident claiming a credit under subsection (a) of this 34
section shall provide any documentation required by the 35
Commissioner of Revenue Services in a form and manner prescribed 36
by said commissioner. 37
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
HED Joint Favorable Subst.