HB 5048 Summary

• Establishes the CHET Baby Scholars program to provide up to $250 in incentive contributions to education savings accounts for designated beneficiaries born or adopted on or after January 1, 2014, with $100 available upon enrollment before the child's first birthday and $150 available upon deposits of at least $150 by the child's fourth birthday.

• Creates a nonlapsing "CHET Baby Scholars fund" within the General Fund, administered by the State Treasurer, to provide incentive contributions to accounts in the Connecticut Higher Education Trust.

• Allows taxpayers filing Connecticut income tax returns to contribute refunds directly to individual savings plans in the Connecticut Higher Education Trust, in addition to existing charitable contribution options.

• Excludes moneys invested in the Connecticut Higher Education Trust from being considered assets for purposes of determining eligibility for temporary family assistance, energy assistance programs, weatherization assistance, or need-based institutional aid grants at public educational institutions.

• Establishes the Connecticut Student Loan Foundation as a subsidiary of the Connecticut Health and Educational Facilities Authority, designating it as a quasi-public agency with authority to distribute excess funds to support financial assistance for qualified students.