CT SB00028

Provides a one-time sales and use tax and motor fuels tax refund of $55 per individual ($110 for joint filers) for eligible Connecticut residents based on 2013 taxes, funded from state budget surplus up to $155 million.

Establishes eligibility for refunds to residents with federal adjusted gross income under $200,000 (or $400,000 for joint filers) who filed or were required to file tax returns, received federal earned income tax credits, or received Social Security benefits in 2013.

Exempts health insurance premiums for municipal employees and retirees from the insurance premium tax effective July 1, 2014.

Exempts nonprescription drugs and medicines (vitamins, dietary supplements, cold/allergy remedies, analgesics, antibiotics, and similar products) from sales tax effective July 1, 2014.

Provides Connecticut income tax deductions for state teachers' retirement system income (25% for 2014 tax year, 50% thereafter) and modifies the angel investor tax credit program, extending the investment period from July 1, 2014 to July 1, 2016.