| 27 | | - | Section 1. (NEW) (Effective January 1, 2021, and applicable to taxable 1 |
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| 28 | | - | years commencing on or after January 1, 2021) (a) For the taxable years 2 |
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| 29 | | - | commencing on or after January 1, 2021, there shall be allowed a credit 3 |
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| 30 | | - | against the personal income tax imposed under chapter 229 of the 4 |
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| 31 | | - | general statutes, for any individual who (1) on or after January 1, 2021, 5 |
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| 32 | | - | receives a bachelor's degree, associate degree or advanced 6 |
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| 33 | | - | manufacturing certificate from a public or independent institution of 7 |
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| 34 | | - | higher education or private occupational school in the state, and (2) has 8 |
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| 35 | | - | a Connecticut adjusted gross income of not more than seventy-five 9 |
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| 36 | | - | thousand dollars during each taxable year in which the credit is claimed. 10 |
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| 37 | | - | The credit allowed under this subsection may be claimed for the two 11 |
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| 38 | | - | successive taxable years after the date of graduation and shall be equal 12 |
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| 39 | | - | to the individual's qualified education loan expenses during the taxable 13 |
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| 40 | | - | year, but shall not exceed (A) five hundred dollars annually for an 14 |
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| 41 | | - | individual with an associate degree or advanced manufacturing 15 |
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| 42 | | - | Committee Bill No. 5029 |
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| 43 | | - | |
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| 44 | | - | |
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| 45 | | - | LCO No. 2130 2 of 3 |
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| 46 | | - | |
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| 47 | | - | certificate, (B) one thousand dollars annually for an individual with a 16 |
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| 48 | | - | bachelor's degree, or (C) one thousand five hundred dollars annually for 17 |
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| 49 | | - | an individual (i) with a bachelor's degree, and (ii) employed in certain 18 |
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| 50 | | - | high-demand fields, as identified by the Office of Higher Education, or 19 |
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| 51 | | - | in a science, technology, engineering or math-related field. For the 20 |
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| 52 | | - | purposes of this section, "qualified education loan expenses" means 21 |
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| 53 | | - | payments that an individual is legally obligated to make on a loan from 22 |
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| 54 | | - | a private or governmental lender to finance attendance at a public or 23 |
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| 55 | | - | independent institution of higher education or private occupational 24 |
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| 56 | | - | school in the state and in an amount that is not offset by any other 25 |
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| 57 | | - | federal, state or private education loan reimbursement program. 26 |
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| 58 | | - | (b) The credit allowed pursuant to subsection (a) of this section may 27 |
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| 59 | | - | only be used to reduce a resident's tax liability under chapter 229 of the 28 |
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| 60 | | - | general statutes for the year for which such credit is applicable and shall 29 |
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| 61 | | - | not be used to reduce such tax liability to less than zero. 30 |
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| 62 | | - | (c) Any individual claiming a credit under subsection (a) of this 31 |
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| 63 | | - | section shall provide any documentation required by the Commissioner 32 |
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| 64 | | - | of Revenue Services in a form and manner prescribed by said 33 |
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| 65 | | - | commissioner. 34 |
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| 66 | | - | This act shall take effect as follows and shall amend the following |
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| 67 | | - | sections: |
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| 68 | | - | |
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| 69 | | - | Section 1 January 1, 2021, and |
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| 70 | | - | applicable to taxable years |
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| 71 | | - | commencing on or after |
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| 72 | | - | January 1, 2021 |
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| 73 | | - | New section |
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| 74 | | - | |
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| 25 | + | That title 12 of the general statutes be amended to allow a credit 1 |
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| 26 | + | against personal income tax for any resident who (1) receives a 2 |
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| 27 | + | bachelor's degree, associate degree or an advanced manufacturing 3 |
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| 28 | + | certificate from an institution of higher education or private 4 |
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| 29 | + | occupational school in the state, and (2) has an adjusted gross income of 5 |
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| 30 | + | not more than seventy-five thousand dollars. Such credit may be 6 |
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| 31 | + | claimed for ten successive taxable years and shall be equal to such 7 |
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| 32 | + | resident's qualified education loan expenses not to exceed certain limits 8 |
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| 33 | + | depending on the degree received and the field in which such resident 9 |
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| 34 | + | is employed. 10 |
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