CT HB05133

Establishes a tax credit for qualified employers that make education loan payments on behalf of employees, effective January 1, 2019 for income or taxable years commencing on or after that date.

Defines qualified employers as those with 50 or fewer employees in the state, and qualified employees as those working at least 35 hours per week.

Allows employers to claim a credit equal to 50 percent of actual monthly loan payments made on loans that were part of an employee's financial aid package, multiplied by the number of months payments were made during the tax year.

Limits the credit to loans included in the employee's original financial aid package, including refinanced or consolidated loans that remain separate from other debt, and restricts claims to no more than three years per employee.

Requires qualified employers to provide documentation as prescribed by the Commissioner of Revenue Services to claim the credit against income taxes under chapters 208 or 229 of the general statutes.