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Connecticut House Bill HB06901

Connecticut 2023 Regular Session

Connecticut House Bill HB06901 Compare Versions

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77 General Assembly Substitute Bill No. 6901
88 January Session, 2023
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1414 AN ACT CONCERNING A STUDENT LOAN REIMBURSEMENT
1515 PROGRAM FOR CERTAIN PROFESSIONALS.
1616 Be it enacted by the Senate and House of Representatives in General
1717 Assembly convened:
1818
1919 Section 1. (NEW) (Effective July 1, 2023) (a) On or before October 1, 1
2020 2023, the executive director of the Office of Higher Education shall 2
2121 establish a pilot program to reimburse certain professionals for student 3
2222 loan payments. The Office of Higher Education shall approve the 4
2323 participation of any person in the student loan reimbursement pilot 5
2424 program who (1) attended a state college or university and graduated 6
2525 with a bachelor's degree or left such college or university in good 7
2626 standing before graduation; (2) is currently a resident of the state, and 8
2727 has been a resident of the state for not less than five consecutive years 9
2828 after graduation from a state college or university, as shown on the 10
2929 person's Connecticut income tax return; (3) earns the majority of such 11
30-person's income through employment in the state, as evidenced on such 12
31-person's Connecticut income tax return, for two years prior to 13
30+person's income through employment in the state, as evidenced on 12
31+such person's Connecticut income tax return, for two years prior to 13
3232 participation in the program; (4) is employed full-time as a nurse, 14
3333 teacher or in the field of child care, mental health or social services; (5) 15
3434 has (A) a Connecticut adjusted gross income of not more than one 16
3535 hundred thousand dollars and files a return under the federal income 17
36-tax as an unmarried individual or a married individual filing separately, 18
37-or (B) a Connecticut adjusted gross income of not more than one 19 Substitute Bill No. 6901
36+tax as an unmarried individual or a married individual filing 18
37+separately, or (B) a Connecticut adjusted gross income of not more 19
38+than one hundred twenty-five thousand dollars and files a return 20 Substitute Bill No. 6901
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44-hundred twenty-five thousand dollars and files a return under the 20
45-federal income tax as a head of household, a married individual filing 21
46-jointly or a surviving spouse, as defined in Section 2(a) of the Internal 22
47-Revenue Code of 1986, or any subsequent corresponding internal 23
48-revenue code of the United States, as amended from time to time; and 24
49-(6) has a student loan. For the purposes of this section "state college or 25
50-university" means any public or private college or university in the state. 26
51-(b) Persons who qualify under subsection (a) of this section may 27
52-apply to the Office of Higher Education to participate in the student loan 28
53-reimbursement pilot program at such time and in such manner as the 29
54-executive director of said office prescribes. 30
55-(c) Each person approved to participate in the student loan 31
56-reimbursement pilot program shall annually submit receipts of 32
57-payment on student loans to the Office of Higher Education in the 33
58-manner prescribed by the executive director. The Office of Higher 34
59-Education shall (1) reimburse such person for such student loan 35
60-payments an amount of not more than five thousand dollars, annually, 36
61-provided no person shall participate in the student loan reimbursement 37
62-pilot program for more than four years or receive more than twenty 38
63-thousand dollars in aggregate reimbursement for student loan 39
64-payments, and (2) require such person to volunteer for an approved 40
65-nonprofit organization in the state for not less than fifty unpaid hours 41
66-for each year of participation in the student loan reimbursement 42
67-program. For purposes of this section, volunteer hours may include 43
68-service on the board of directors for a nonprofit organization or military 44
69-service. 45
70-(d) The Office of Higher Education may use up to two and one-half 46
71-per cent of the funds appropriated for purposes of this section, annually, 47
72-for program administration, promotion and recruitment activities. 48
73-(e) Not later than January 1, 2025, and annually thereafter, the 49
74-executive director of the Office of Higher Education shall report, in 50
75-accordance with the provisions of section 11-4a of the general statutes, 51 Substitute Bill No. 6901
45+under the federal income tax as a head of household, a married 21
46+individual filing jointly or a surviving spouse, as defined in Section 22
47+2(a) of the Internal Revenue Code of 1986, or any subsequent 23
48+corresponding internal revenue code of the United States, as amended 24
49+from time to time; and (6) has a student loan. For the purposes of this 25
50+section "state college or university" means any public or private college 26
51+or university in the state. 27
52+(b) Persons who qualify under subsection (a) of this section may 28
53+apply to the Office of Higher Education to participate in the student 29
54+loan reimbursement pilot program at such time and in such manner as 30
55+the executive director of said office prescribes. 31
56+(c) Each person approved to participate in the student loan 32
57+reimbursement pilot program shall annually submit receipts of 33
58+payment on student loans to the Office of Higher Education in the 34
59+manner prescribed by the executive director. The Office of Higher 35
60+Education shall (1) reimburse such person for such student loan 36
61+payments an amount of not more than five thousand dollars, annually, 37
62+provided no person shall participate in the student loan 38
63+reimbursement pilot program for more than four years or receive more 39
64+than twenty thousand dollars in aggregate reimbursement for student 40
65+loan payments, and (2) require such person to volunteer for an 41
66+approved nonprofit organization in the state for not less than fifty 42
67+unpaid hours for each year of participation in the student loan 43
68+reimbursement program. For purposes of this section, volunteer hours 44
69+may include service on the board of directors for a nonprofit 45
70+organization or military service. 46
71+(d) The Office of Higher Education may use up to two and one-half 47
72+per cent of the funds appropriated for purposes of this section, 48
73+annually, for program administration, promotion and recruitment 49
74+activities. 50
75+(e) Not later than January 1, 2025, and annually thereafter, the 51
76+executive director of the Office of Higher Education shall report, in 52 Substitute Bill No. 6901
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82-to the joint standing committees of the General Assembly having 52
83-cognizance of matters relating to higher education and employment 53
84-advancement and appropriations and the budgets of state agencies on 54
85-the operation and effectiveness of the pilot program and any 55
86-recommendations to expand the pilot program. 56
87-Sec. 2. Subparagraph (B) of subdivision (20) of subsection (a) of 57
88-section 12-701 of the general statutes is repealed and the following is 58
89-substituted in lieu thereof (Effective January 1, 2024, and applicable to 59
90-taxable years commencing on or after January 1, 2024): 60
91-(B) There shall be subtracted therefrom: 61
92-(i) To the extent properly includable in gross income for federal 62
93-income tax purposes, any income with respect to which taxation by any 63
94-state is prohibited by federal law; 64
95-(ii) To the extent allowable under section 12-718, exempt dividends 65
96-paid by a regulated investment company; 66
97-(iii) To the extent properly includable in gross income for federal 67
98-income tax purposes, the amount of any refund or credit for 68
99-overpayment of income taxes imposed by this state, or any other state 69
100-of the United States or a political subdivision thereof, or the District of 70
101-Columbia; 71
102-(iv) To the extent properly includable in gross income for federal 72
103-income tax purposes and not otherwise subtracted from federal 73
104-adjusted gross income pursuant to clause (x) of this subparagraph in 74
105-computing Connecticut adjusted gross income, any tier 1 railroad 75
106-retirement benefits; 76
107-(v) To the extent any additional allowance for depreciation under 77
108-Section 168(k) of the Internal Revenue Code for property placed in 78
109-service after September 27, 2017, was added to federal adjusted gross 79
110-income pursuant to subparagraph (A)(ix) of this subdivision in 80
111-computing Connecticut adjusted gross income, twenty-five per cent of 81 Substitute Bill No. 6901
83+accordance with the provisions of section 11-4a of the general statutes, 53
84+to the joint standing committees of the General Assembly having 54
85+cognizance of matters relating to higher education and employment 55
86+advancement and appropriations and the budgets of state agencies on 56
87+the operation and effectiveness of the pilot program and any 57
88+recommendations to expand the pilot program. 58
89+Sec. 2. Subparagraph (B) of subdivision (20) of subsection (a) of 59
90+section 12-701 of the general statutes is repealed and the following is 60
91+substituted in lieu thereof (Effective January 1, 2024, and applicable to 61
92+taxable years commencing on or after January 1, 2024): 62
93+(B) There shall be subtracted therefrom: 63
94+(i) To the extent properly includable in gross income for federal 64
95+income tax purposes, any income with respect to which taxation by 65
96+any state is prohibited by federal law; 66
97+(ii) To the extent allowable under section 12-718, exempt dividends 67
98+paid by a regulated investment company; 68
99+(iii) To the extent properly includable in gross income for federal 69
100+income tax purposes, the amount of any refund or credit for 70
101+overpayment of income taxes imposed by this state, or any other state 71
102+of the United States or a political subdivision thereof, or the District of 72
103+Columbia; 73
104+(iv) To the extent properly includable in gross income for federal 74
105+income tax purposes and not otherwise subtracted from federal 75
106+adjusted gross income pursuant to clause (x) of this subparagraph in 76
107+computing Connecticut adjusted gross income, any tier 1 railroad 77
108+retirement benefits; 78
109+(v) To the extent any additional allowance for depreciation under 79
110+Section 168(k) of the Internal Revenue Code for property placed in 80
111+service after September 27, 2017, was added to federal adjusted gross 81
112+income pursuant to subparagraph (A)(ix) of this subdivision in 82 Substitute Bill No. 6901
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118-such additional allowance for depreciation in each of the four 82
119-succeeding taxable years; 83
120-(vi) To the extent properly includable in gross income for federal 84
121-income tax purposes, any interest income from obligations issued by or 85
122-on behalf of the state of Connecticut, any political subdivision thereof, 86
123-or public instrumentality, state or local authority, district or similar 87
124-public entity created under the laws of the state of Connecticut; 88
125-(vii) To the extent properly includable in determining the net gain or 89
126-loss from the sale or other disposition of capital assets for federal income 90
127-tax purposes, any gain from the sale or exchange of obligations issued 91
128-by or on behalf of the state of Connecticut, any political subdivision 92
129-thereof, or public instrumentality, state or local authority, district or 93
130-similar public entity created under the laws of the state of Connecticut, 94
131-in the income year such gain was recognized; 95
132-(viii) Any interest on indebtedness incurred or continued to purchase 96
133-or carry obligations or securities the interest on which is subject to tax 97
134-under this chapter but exempt from federal income tax, to the extent that 98
135-such interest on indebtedness is not deductible in determining federal 99
136-adjusted gross income and is attributable to a trade or business carried 100
137-on by such individual; 101
138-(ix) Ordinary and necessary expenses paid or incurred during the 102
139-taxable year for the production or collection of income which is subject 103
140-to taxation under this chapter but exempt from federal income tax, or 104
141-the management, conservation or maintenance of property held for the 105
142-production of such income, and the amortizable bond premium for the 106
143-taxable year on any bond the interest on which is subject to tax under 107
144-this chapter but exempt from federal income tax, to the extent that such 108
145-expenses and premiums are not deductible in determining federal 109
146-adjusted gross income and are attributable to a trade or business carried 110
147-on by such individual; 111
148-(x) (I) For taxable years commencing prior to January 1, 2019, for a 112 Substitute Bill No. 6901
119+computing Connecticut adjusted gross income, twenty-five per cent of 83
120+such additional allowance for depreciation in each of the four 84
121+succeeding taxable years; 85
122+(vi) To the extent properly includable in gross income for federal 86
123+income tax purposes, any interest income from obligations issued by or 87
124+on behalf of the state of Connecticut, any political subdivision thereof, 88
125+or public instrumentality, state or local authority, district or similar 89
126+public entity created under the laws of the state of Connecticut; 90
127+(vii) To the extent properly includable in determining the net gain 91
128+or loss from the sale or other disposition of capital assets for federal 92
129+income tax purposes, any gain from the sale or exchange of obligations 93
130+issued by or on behalf of the state of Connecticut, any political 94
131+subdivision thereof, or public instrumentality, state or local authority, 95
132+district or similar public entity created under the laws of the state of 96
133+Connecticut, in the income year such gain was recognized; 97
134+(viii) Any interest on indebtedness incurred or continued to 98
135+purchase or carry obligations or securities the interest on which is 99
136+subject to tax under this chapter but exempt from federal income tax, 100
137+to the extent that such interest on indebtedness is not deductible in 101
138+determining federal adjusted gross income and is attributable to a 102
139+trade or business carried on by such individual; 103
140+(ix) Ordinary and necessary expenses paid or incurred during the 104
141+taxable year for the production or collection of income which is subject 105
142+to taxation under this chapter but exempt from federal income tax, or 106
143+the management, conservation or maintenance of property held for the 107
144+production of such income, and the amortizable bond premium for the 108
145+taxable year on any bond the interest on which is subject to tax under 109
146+this chapter but exempt from federal income tax, to the extent that 110
147+such expenses and premiums are not deductible in determining federal 111
148+adjusted gross income and are attributable to a trade or business 112
149+carried on by such individual; 113 Substitute Bill No. 6901
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155-person who files a return under the federal income tax as an unmarried 113
156-individual whose federal adjusted gross income for such taxable year is 114
157-less than fifty thousand dollars, or as a married individual filing 115
158-separately whose federal adjusted gross income for such taxable year is 116
159-less than fifty thousand dollars, or for a husband and wife who file a 117
160-return under the federal income tax as married individuals filing jointly 118
161-whose federal adjusted gross income for such taxable year is less than 119
162-sixty thousand dollars or a person who files a return under the federal 120
163-income tax as a head of household whose federal adjusted gross income 121
164-for such taxable year is less than sixty thousand dollars, an amount 122
165-equal to the Social Security benefits includable for federal income tax 123
166-purposes; 124
167-(II) For taxable years commencing prior to January 1, 2019, for a 125
168-person who files a return under the federal income tax as an unmarried 126
169-individual whose federal adjusted gross income for such taxable year is 127
170-fifty thousand dollars or more, or as a married individual filing 128
171-separately whose federal adjusted gross income for such taxable year is 129
172-fifty thousand dollars or more, or for a husband and wife who file a 130
173-return under the federal income tax as married individuals filing jointly 131
174-whose federal adjusted gross income from such taxable year is sixty 132
175-thousand dollars or more or for a person who files a return under the 133
176-federal income tax as a head of household whose federal adjusted gross 134
177-income for such taxable year is sixty thousand dollars or more, an 135
178-amount equal to the difference between the amount of Social Security 136
179-benefits includable for federal income tax purposes and the lesser of 137
180-twenty-five per cent of the Social Security benefits received during the 138
181-taxable year, or twenty-five per cent of the excess described in Section 139
182-86(b)(1) of the Internal Revenue Code; 140
183-(III) For the taxable year commencing January 1, 2019, and each 141
184-taxable year thereafter, for a person who files a return under the federal 142
185-income tax as an unmarried individual whose federal adjusted gross 143
186-income for such taxable year is less than seventy-five thousand dollars, 144
187-or as a married individual filing separately whose federal adjusted gross 145 Substitute Bill No. 6901
156+(x) (I) For taxable years commencing prior to January 1, 2019, for a 114
157+person who files a return under the federal income tax as an 115
158+unmarried individual whose federal adjusted gross income for such 116
159+taxable year is less than fifty thousand dollars, or as a married 117
160+individual filing separately whose federal adjusted gross income for 118
161+such taxable year is less than fifty thousand dollars, or for a husband 119
162+and wife who file a return under the federal income tax as married 120
163+individuals filing jointly whose federal adjusted gross income for such 121
164+taxable year is less than sixty thousand dollars or a person who files a 122
165+return under the federal income tax as a head of household whose 123
166+federal adjusted gross income for such taxable year is less than sixty 124
167+thousand dollars, an amount equal to the Social Security benefits 125
168+includable for federal income tax purposes; 126
169+(II) For taxable years commencing prior to January 1, 2019, for a 127
170+person who files a return under the federal income tax as an 128
171+unmarried individual whose federal adjusted gross income for such 129
172+taxable year is fifty thousand dollars or more, or as a married 130
173+individual filing separately whose federal adjusted gross income for 131
174+such taxable year is fifty thousand dollars or more, or for a husband 132
175+and wife who file a return under the federal income tax as married 133
176+individuals filing jointly whose federal adjusted gross income from 134
177+such taxable year is sixty thousand dollars or more or for a person who 135
178+files a return under the federal income tax as a head of household 136
179+whose federal adjusted gross income for such taxable year is sixty 137
180+thousand dollars or more, an amount equal to the difference between 138
181+the amount of Social Security benefits includable for federal income tax 139
182+purposes and the lesser of twenty-five per cent of the Social Security 140
183+benefits received during the taxable year, or twenty-five per cent of the 141
184+excess described in Section 86(b)(1) of the Internal Revenue Code; 142
185+(III) For the taxable year commencing January 1, 2019, and each 143
186+taxable year thereafter, for a person who files a return under the 144
187+federal income tax as an unmarried individual whose federal adjusted 145
188+gross income for such taxable year is less than seventy-five thousand 146 Substitute Bill No. 6901
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194-income for such taxable year is less than seventy-five thousand dollars, 146
195-or for a husband and wife who file a return under the federal income tax 147
196-as married individuals filing jointly whose federal adjusted gross 148
197-income for such taxable year is less than one hundred thousand dollars 149
198-or a person who files a return under the federal income tax as a head of 150
199-household whose federal adjusted gross income for such taxable year is 151
200-less than one hundred thousand dollars, an amount equal to the Social 152
201-Security benefits includable for federal income tax purposes; and 153
202-(IV) For the taxable year commencing January 1, 2019, and each 154
203-taxable year thereafter, for a person who files a return under the federal 155
204-income tax as an unmarried individual whose federal adjusted gross 156
205-income for such taxable year is seventy-five thousand dollars or more, 157
206-or as a married individual filing separately whose federal adjusted gross 158
207-income for such taxable year is seventy-five thousand dollars or more, 159
208-or for a husband and wife who file a return under the federal income tax 160
209-as married individuals filing jointly whose federal adjusted gross 161
210-income from such taxable year is one hundred thousand dollars or more 162
211-or for a person who files a return under the federal income tax as a head 163
212-of household whose federal adjusted gross income for such taxable year 164
213-is one hundred thousand dollars or more, an amount equal to the 165
214-difference between the amount of Social Security benefits includable for 166
215-federal income tax purposes and the lesser of twenty-five per cent of the 167
216-Social Security benefits received during the taxable year, or twenty-five 168
217-per cent of the excess described in Section 86(b)(1) of the Internal 169
218-Revenue Code; 170
219-(xi) To the extent properly includable in gross income for federal 171
220-income tax purposes, any amount rebated to a taxpayer pursuant to 172
221-section 12-746; 173
222-(xii) To the extent properly includable in the gross income for federal 174
223-income tax purposes of a designated beneficiary, any distribution to 175
224-such beneficiary from any qualified state tuition program, as defined in 176
225-Section 529(b) of the Internal Revenue Code, established and 177
226-maintained by this state or any official, agency or instrumentality of the 178 Substitute Bill No. 6901
195+dollars, or as a married individual filing separately whose federal 147
196+adjusted gross income for such taxable year is less than seventy-five 148
197+thousand dollars, or for a husband and wife who file a return under 149
198+the federal income tax as married individuals filing jointly whose 150
199+federal adjusted gross income for such taxable year is less than one 151
200+hundred thousand dollars or a person who files a return under the 152
201+federal income tax as a head of household whose federal adjusted 153
202+gross income for such taxable year is less than one hundred thousand 154
203+dollars, an amount equal to the Social Security benefits includable for 155
204+federal income tax purposes; and 156
205+(IV) For the taxable year commencing January 1, 2019, and each 157
206+taxable year thereafter, for a person who files a return under the 158
207+federal income tax as an unmarried individual whose federal adjusted 159
208+gross income for such taxable year is seventy-five thousand dollars or 160
209+more, or as a married individual filing separately whose federal 161
210+adjusted gross income for such taxable year is seventy-five thousand 162
211+dollars or more, or for a husband and wife who file a return under the 163
212+federal income tax as married individuals filing jointly whose federal 164
213+adjusted gross income from such taxable year is one hundred 165
214+thousand dollars or more or for a person who files a return under the 166
215+federal income tax as a head of household whose federal adjusted 167
216+gross income for such taxable year is one hundred thousand dollars or 168
217+more, an amount equal to the difference between the amount of Social 169
218+Security benefits includable for federal income tax purposes and the 170
219+lesser of twenty-five per cent of the Social Security benefits received 171
220+during the taxable year, or twenty-five per cent of the excess described 172
221+in Section 86(b)(1) of the Internal Revenue Code; 173
222+(xi) To the extent properly includable in gross income for federal 174
223+income tax purposes, any amount rebated to a taxpayer pursuant to 175
224+section 12-746; 176
225+(xii) To the extent properly includable in the gross income for 177
226+federal income tax purposes of a designated beneficiary, any 178
227+distribution to such beneficiary from any qualified state tuition 179 Substitute Bill No. 6901
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233-state; 179
234-(xiii) To the extent allowable under section 12-701a, contributions to 180
235-accounts established pursuant to any qualified state tuition program, as 181
236-defined in Section 529(b) of the Internal Revenue Code, established and 182
237-maintained by this state or any official, agency or instrumentality of the 183
238-state; 184
239-(xiv) To the extent properly includable in gross income for federal 185
240-income tax purposes, the amount of any Holocaust victims' settlement 186
241-payment received in the taxable year by a Holocaust victim; 187
242-(xv) To the extent properly includable in gross income for federal 188
243-income tax purposes of an account holder, as defined in section 31-189
244-51ww, interest earned on funds deposited in the individual 190
245-development account, as defined in section 31-51ww, of such account 191
246-holder; 192
247-(xvi) To the extent properly includable in the gross income for federal 193
248-income tax purposes of a designated beneficiary, as defined in section 194
249-3-123aa, interest, dividends or capital gains earned on contributions to 195
250-accounts established for the designated beneficiary pursuant to the 196
251-Connecticut Homecare Option Program for the Elderly established by 197
252-sections 3-123aa to 3-123ff, inclusive; 198
253-(xvii) To the extent properly includable in gross income for federal 199
254-income tax purposes, any income received from the United States 200
255-government as retirement pay for a retired member of (I) the Armed 201
256-Forces of the United States, as defined in Section 101 of Title 10 of the 202
257-United States Code, or (II) the National Guard, as defined in Section 101 203
258-of Title 10 of the United States Code; 204
259-(xviii) To the extent properly includable in gross income for federal 205
260-income tax purposes for the taxable year, any income from the discharge 206
261-of indebtedness in connection with any reacquisition, after December 207
262-31, 2008, and before January 1, 2011, of an applicable debt instrument or 208
263-instruments, as those terms are defined in Section 108 of the Internal 209 Substitute Bill No. 6901
234+program, as defined in Section 529(b) of the Internal Revenue Code, 180
235+established and maintained by this state or any official, agency or 181
236+instrumentality of the state; 182
237+(xiii) To the extent allowable under section 12-701a, contributions to 183
238+accounts established pursuant to any qualified state tuition program, 184
239+as defined in Section 529(b) of the Internal Revenue Code, established 185
240+and maintained by this state or any official, agency or instrumentality 186
241+of the state; 187
242+(xiv) To the extent properly includable in gross income for federal 188
243+income tax purposes, the amount of any Holocaust victims' settlement 189
244+payment received in the taxable year by a Holocaust victim; 190
245+(xv) To the extent properly includable in gross income for federal 191
246+income tax purposes of an account holder, as defined in section 31-192
247+51ww, interest earned on funds deposited in the individual 193
248+development account, as defined in section 31-51ww, of such account 194
249+holder; 195
250+(xvi) To the extent properly includable in the gross income for 196
251+federal income tax purposes of a designated beneficiary, as defined in 197
252+section 3-123aa, interest, dividends or capital gains earned on 198
253+contributions to accounts established for the designated beneficiary 199
254+pursuant to the Connecticut Homecare Option Program for the Elderly 200
255+established by sections 3-123aa to 3-123ff, inclusive; 201
256+(xvii) To the extent properly includable in gross income for federal 202
257+income tax purposes, any income received from the United States 203
258+government as retirement pay for a retired member of (I) the Armed 204
259+Forces of the United States, as defined in Section 101 of Title 10 of the 205
260+United States Code, or (II) the National Guard, as defined in Section 206
261+101 of Title 10 of the United States Code; 207
262+(xviii) To the extent properly includable in gross income for federal 208
263+income tax purposes for the taxable year, any income from the 209
264+discharge of indebtedness in connection with any reacquisition, after 210 Substitute Bill No. 6901
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270-Revenue Code, as amended by Section 1231 of the American Recovery 210
271-and Reinvestment Act of 2009, to the extent any such income was added 211
272-to federal adjusted gross income pursuant to subparagraph (A)(xi) of 212
273-this subdivision in computing Connecticut adjusted gross income for a 213
274-preceding taxable year; 214
275-(xix) To the extent not deductible in determining federal adjusted 215
276-gross income, the amount of any contribution to a manufacturing 216
277-reinvestment account established pursuant to section 32-9zz in the 217
278-taxable year that such contribution is made; 218
279-(xx) To the extent properly includable in gross income for federal 219
280-income tax purposes, (I) for the taxable year commencing January 1, 220
281-2015, ten per cent of the income received from the state teachers' 221
282-retirement system, (II) for the taxable years commencing January 1, 222
283-2016, to January 1, 2020, inclusive, twenty-five per cent of the income 223
284-received from the state teachers' retirement system, and (III) for the 224
285-taxable year commencing January 1, 2021, and each taxable year 225
286-thereafter, fifty per cent of the income received from the state teachers' 226
287-retirement system or, for a taxpayer whose federal adjusted gross 227
288-income does not exceed the applicable threshold under clause (xxi) of 228
289-this subparagraph, the percentage pursuant to said clause of the income 229
290-received from the state teachers' retirement system, whichever 230
291-deduction is greater; 231
292-(xxi) To the extent properly includable in gross income for federal 232
293-income tax purposes, except for retirement benefits under clause (iv) of 233
294-this subparagraph and retirement pay under clause (xvii) of this 234
295-subparagraph, for a person who files a return under the federal income 235
296-tax as an unmarried individual whose federal adjusted gross income for 236
297-such taxable year is less than seventy-five thousand dollars, or as a 237
298-married individual filing separately whose federal adjusted gross 238
299-income for such taxable year is less than seventy-five thousand dollars, 239
300-or as a head of household whose federal adjusted gross income for such 240
301-taxable year is less than seventy-five thousand dollars, or for a husband 241
302-and wife who file a return under the federal income tax as married 242 Substitute Bill No. 6901
271+December 31, 2008, and before January 1, 2011, of an applicable debt 211
272+instrument or instruments, as those terms are defined in Section 108 of 212
273+the Internal Revenue Code, as amended by Section 1231 of the 213
274+American Recovery and Reinvestment Act of 2009, to the extent any 214
275+such income was added to federal adjusted gross income pursuant to 215
276+subparagraph (A)(xi) of this subdivision in computing Connecticut 216
277+adjusted gross income for a preceding taxable year; 217
278+(xix) To the extent not deductible in determining federal adjusted 218
279+gross income, the amount of any contribution to a manufacturing 219
280+reinvestment account established pursuant to section 32-9zz in the 220
281+taxable year that such contribution is made; 221
282+(xx) To the extent properly includable in gross income for federal 222
283+income tax purposes, (I) for the taxable year commencing January 1, 223
284+2015, ten per cent of the income received from the state teachers' 224
285+retirement system, (II) for the taxable years commencing January 1, 225
286+2016, to January 1, 2020, inclusive, twenty-five per cent of the income 226
287+received from the state teachers' retirement system, and (III) for the 227
288+taxable year commencing January 1, 2021, and each taxable year 228
289+thereafter, fifty per cent of the income received from the state teachers' 229
290+retirement system or, for a taxpayer whose federal adjusted gross 230
291+income does not exceed the applicable threshold under clause (xxi) of 231
292+this subparagraph, the percentage pursuant to said clause of the 232
293+income received from the state teachers' retirement system, whichever 233
294+deduction is greater; 234
295+(xxi) To the extent properly includable in gross income for federal 235
296+income tax purposes, except for retirement benefits under clause (iv) of 236
297+this subparagraph and retirement pay under clause (xvii) of this 237
298+subparagraph, for a person who files a return under the federal income 238
299+tax as an unmarried individual whose federal adjusted gross income 239
300+for such taxable year is less than seventy-five thousand dollars, or as a 240
301+married individual filing separately whose federal adjusted gross 241
302+income for such taxable year is less than seventy-five thousand dollars, 242
303+or as a head of household whose federal adjusted gross income for 243 Substitute Bill No. 6901
303304
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307308 9 of 11
308309
309-individuals filing jointly whose federal adjusted gross income for such 243
310-taxable year is less than one hundred thousand dollars, (I) for the taxable 244
311-year commencing January 1, 2019, fourteen per cent of any pension or 245
312-annuity income, (II) for the taxable year commencing January 1, 2020, 246
313-twenty-eight per cent of any pension or annuity income, (III) for the 247
314-taxable year commencing January 1, 2021, forty-two per cent of any 248
315-pension or annuity income, and (IV) for the taxable year commencing 249
316-January 1, 2022, and each taxable year thereafter, one hundred per cent 250
317-of any pension or annuity income; 251
318-(xxii) The amount of lost wages and medical, travel and housing 252
319-expenses, not to exceed ten thousand dollars in the aggregate, incurred 253
320-by a taxpayer during the taxable year in connection with the donation 254
321-to another person of an organ for organ transplantation occurring on or 255
322-after January 1, 2017; 256
323-(xxiii) To the extent properly includable in gross income for federal 257
324-income tax purposes, the amount of any financial assistance received 258
325-from the Crumbling Foundations Assistance Fund or paid to or on 259
326-behalf of the owner of a residential building pursuant to sections 8-442 260
327-and 8-443; 261
328-(xxiv) To the extent properly includable in gross income for federal 262
329-income tax purposes, the amount calculated pursuant to subsection (b) 263
330-of section 12-704g for income received by a general partner of a venture 264
331-capital fund, as defined in 17 CFR 275.203(l)-1, as amended from time to 265
332-time; 266
333-(xxv) To the extent any portion of a deduction under Section 179 of 267
334-the Internal Revenue Code was added to federal adjusted gross income 268
335-pursuant to subparagraph (A)(xiv) of this subdivision in computing 269
336-Connecticut adjusted gross income, twenty-five per cent of such 270
337-disallowed portion of the deduction in each of the four succeeding 271
338-taxable years; 272
339-(xxvi) To the extent properly includable in gross income for federal 273 Substitute Bill No. 6901
310+such taxable year is less than seventy-five thousand dollars, or for a 244
311+husband and wife who file a return under the federal income tax as 245
312+married individuals filing jointly whose federal adjusted gross income 246
313+for such taxable year is less than one hundred thousand dollars, (I) for 247
314+the taxable year commencing January 1, 2019, fourteen per cent of any 248
315+pension or annuity income, (II) for the taxable year commencing 249
316+January 1, 2020, twenty-eight per cent of any pension or annuity 250
317+income, (III) for the taxable year commencing January 1, 2021, forty-251
318+two per cent of any pension or annuity income, and (IV) for the taxable 252
319+year commencing January 1, 2022, and each taxable year thereafter, 253
320+one hundred per cent of any pension or annuity income; 254
321+(xxii) The amount of lost wages and medical, travel and housing 255
322+expenses, not to exceed ten thousand dollars in the aggregate, incurred 256
323+by a taxpayer during the taxable year in connection with the donation 257
324+to another person of an organ for organ transplantation occurring on 258
325+or after January 1, 2017; 259
326+(xxiii) To the extent properly includable in gross income for federal 260
327+income tax purposes, the amount of any financial assistance received 261
328+from the Crumbling Foundations Assistance Fund or paid to or on 262
329+behalf of the owner of a residential building pursuant to sections 8-442 263
330+and 8-443; 264
331+(xxiv) To the extent properly includable in gross income for federal 265
332+income tax purposes, the amount calculated pursuant to subsection (b) 266
333+of section 12-704g for income received by a general partner of a 267
334+venture capital fund, as defined in 17 CFR 275.203(l)-1, as amended 268
335+from time to time; 269
336+(xxv) To the extent any portion of a deduction under Section 179 of 270
337+the Internal Revenue Code was added to federal adjusted gross income 271
338+pursuant to subparagraph (A)(xiv) of this subdivision in computing 272
339+Connecticut adjusted gross income, twenty-five per cent of such 273
340+disallowed portion of the deduction in each of the four succeeding 274
341+taxable years; 275 Substitute Bill No. 6901
340342
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344346 10 of 11
345347
346-income tax purposes, for a person who files a return under the federal 274
347-income tax as an unmarried individual whose federal adjusted gross 275
348-income for such taxable year is less than seventy-five thousand dollars, 276
349-or as a married individual filing separately whose federal adjusted gross 277
350-income for such taxable year is less than seventy-five thousand dollars, 278
351-or as a head of household whose federal adjusted gross income for such 279
352-taxable year is less than seventy-five thousand dollars, or for a husband 280
353-and wife who file a return under the federal income tax as married 281
354-individuals filing jointly whose federal adjusted gross income for such 282
355-taxable year is less than one hundred thousand dollars, (I) for the taxable 283
356-year commencing January 1, 2023, twenty-five per cent of any 284
357-distribution from an individual retirement account other than a Roth 285
358-individual retirement account, (II) for the taxable year commencing 286
359-January 1, 2024, fifty per cent of any distribution from an individual 287
360-retirement account other than a Roth individual retirement account, (III) 288
361-for the taxable year commencing January 1, 2025, seventy-five per cent 289
362-of any distribution from an individual retirement account other than a 290
363-Roth individual retirement account, and (IV) for the taxable year 291
364-commencing January 1, 2026, and each taxable year thereafter, any 292
365-distribution from an individual retirement account other than a Roth 293
366-individual retirement account; [and] 294
367-(xxvii) To the extent properly includable in gross income for federal 295
368-income tax purposes, for the taxable year commencing January 1, 2022, 296
369-the amount or amounts paid or otherwise credited to any eligible 297
370-resident of this state under (I) the 2020 Earned Income Tax Credit 298
371-enhancement program from funding allocated to the state through the 299
372-Coronavirus Relief Fund established under the Coronavirus Aid, Relief, 300
373-and Economic Security Act, P.L. 116-136, and (II) the 2021 Earned 301
374-Income Tax Credit enhancement program from funding allocated to the 302
375-state pursuant to Section 9901 of Subtitle M of Title IX of the American 303
376-Rescue Plan Act of 2021, P.L. 117-2; and 304
377-(xxviii) To the extent properly includable in gross income for federal 305
378-income tax purposes, the amount of any student loan reimbursement 306 Substitute Bill No. 6901
348+(xxvi) To the extent properly includable in gross income for federal 276
349+income tax purposes, for a person who files a return under the federal 277
350+income tax as an unmarried individual whose federal adjusted gross 278
351+income for such taxable year is less than seventy-five thousand dollars, 279
352+or as a married individual filing separately whose federal adjusted 280
353+gross income for such taxable year is less than seventy-five thousand 281
354+dollars, or as a head of household whose federal adjusted gross income 282
355+for such taxable year is less than seventy-five thousand dollars, or for a 283
356+husband and wife who file a return under the federal income tax as 284
357+married individuals filing jointly whose federal adjusted gross income 285
358+for such taxable year is less than one hundred thousand dollars, (I) for 286
359+the taxable year commencing January 1, 2023, twenty-five per cent of 287
360+any distribution from an individual retirement account other than a 288
361+Roth individual retirement account, (II) for the taxable year 289
362+commencing January 1, 2024, fifty per cent of any distribution from an 290
363+individual retirement account other than a Roth individual retirement 291
364+account, (III) for the taxable year commencing January 1, 2025, 292
365+seventy-five per cent of any distribution from an individual retirement 293
366+account other than a Roth individual retirement account, and (IV) for 294
367+the taxable year commencing January 1, 2026, and each taxable year 295
368+thereafter, any distribution from an individual retirement account 296
369+other than a Roth individual retirement account; [and] 297
370+(xxvii) To the extent properly includable in gross income for federal 298
371+income tax purposes, for the taxable year commencing January 1, 2022, 299
372+the amount or amounts paid or otherwise credited to any eligible 300
373+resident of this state under (I) the 2020 Earned Income Tax Credit 301
374+enhancement program from funding allocated to the state through the 302
375+Coronavirus Relief Fund established under the Coronavirus Aid, 303
376+Relief, and Economic Security Act, P.L. 116-136, and (II) the 2021 304
377+Earned Income Tax Credit enhancement program from funding 305
378+allocated to the state pursuant to Section 9901 of Subtitle M of Title IX 306
379+of the American Rescue Plan Act of 2021, P.L. 117-2; and 307
380+(xxviii) To the extent properly includable in gross income for federal 308 Substitute Bill No. 6901
379381
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384386
385-payment received by a taxpayer pursuant to section 1 of this act. 307
387+income tax purposes, the amount of any student loan reimbursement 309
388+payment received by a taxpayer pursuant to section 1 of this act. 310
386389 This act shall take effect as follows and shall amend the following
387390 sections:
388391
389392 Section 1 July 1, 2023 New section
390393 Sec. 2 January 1, 2024, and
391394 applicable to taxable years
392395 commencing on or after
393396 January 1, 2024
394397 12-701(a)(20)(B)
395398
399+Statement of Legislative Commissioners:
400+Section 1(d) was deleted, the remaining subsections were relettered
401+accordingly and Section 2 was added for accuracy and clarity.
396402
397403 APP Joint Favorable Subst.
398-HED Joint Favorable
399404