CT HB06472

Creates a personal income tax credit for Connecticut residents who graduate on or after January 1, 2020, with a bachelor's degree, associate degree, or advanced manufacturing certificate from in-state public, independent, or private occupational schools.

Limits credit eligibility to residents with Connecticut adjusted gross income not exceeding $75,000 during each taxable year the credit is claimed.

Allows credits equal to qualified education loan expenses for up to 10 consecutive years after graduation, with annual maximums of $500 for associate degrees or advanced manufacturing certificates, $1,000 for bachelor's degrees, and $1,500 for bachelor's degrees in high-demand or STEM fields.

Defines "qualified education loan expenses" as required loan payments from private or governmental lenders for in-state educational attendance, excluding amounts covered by other federal, state, or private reimbursement programs.

Takes effect July 1, 2019, and applies to taxable years commencing on or after January 1, 2020.