CT SB00252

Employers may claim a tax credit equal to 50% of tuition payments made for qualified employees attending public or independent institutions of higher education, capped at $2,500 per employee per year, effective for income years commencing January 1, 2023.

Qualified employers must be corporations licensed to operate in Connecticut and subject to taxation under chapters 207 or 208 of the general statutes, and qualified employees must work and reside in the state.

Taxpayers may claim a tax credit equal to 100% of donations to endowed professorships at public institutions of higher education in Connecticut, with a maximum credit of $50,000 per taxpayer and an aggregate cap of $2 million per fiscal year.

Tax credits for endowed professorship donations must be claimed in the year earned and are non-refundable and non-transferable if not claimed timely, except for S corporations and partnerships where the credit passes to shareholders or partners.

Both provisions take effect July 1, 2022, and apply to income years and taxable years commencing on or after January 1, 2023.