SB 11 Summary

• Restores the senior citizen property tax credit to $300 for tax years beginning January 1, 2022 and later (increased from $200 for 2016-2021).

• Modifies income tax deductions to accelerate the phase-out of taxable pension and annuity income to 100% deductible by 2022, and adds new deductions for IRA distributions and Earned Income Tax Credit enhancement payments.

• Establishes a loan repayment assistance credit for qualified employers that make payments on behalf of employees toward education loans, allowing up to $2,625 per employee annually.

• Significantly reforms Connecticut's captive insurance company regulatory framework by reducing capital requirements, extending examination periods from three to five years, and allowing broader reinsurance activities.

• Transfers federal American Rescue Plan Act funds to the General Fund and creates a new "children's trust account" effective July 1, 2023.