Governor's Bill No. 16 - Summary

• Eliminates licensing fees for registered nurses, advanced practice registered nurses, licensed practical nurses, and family child care home staff, effective July 1, 2024.

• Establishes supplemental revenue sharing grants totaling $74.67 million to Connecticut municipalities and fire districts for fiscal year 2025 and beyond, with budget cap restrictions beginning FY 2025.

• Implements pension and retirement income tax deductions with tiered phase-in schedules from 2024-2026, allowing taxpayers below certain income thresholds to deduct portions of pension and individual retirement account distributions.

• Modifies tax provisions including credits for organ donation expenses, marijuana business deductions, student loan reimbursements, and ABLE account contributions for individuals with disabilities.

• Adjusts transportation and tobacco settlement fund distributions, including reallocating Special Transportation Fund balances for debt service reduction and modifying Tobacco Settlement Fund disbursements to the General Fund effective FY 2025.