Making CT AffordableMarch 6, 2017
HB 5586 will provide a tax credit to any college graduate who decides to remain in Connecticut. To be eligible, they must meet these requirements:
- Be employed in the state of Connecticut
- Receive a degree on or after January 1, 2018 from an accredited institution of higher education
- Live in Connecticut within two years after receiving the degree
Participants will be able to claim the tax credit against their personal income tax for five successive years.
Many retirees in Connecticut are struggling to keep up with the costs of living. Stretching a fixed income to cover day-to-day expenses and increased medical expenses is a big, if not impossible, challenge. HB 5587 will help ease the burden on seniors by exempting Social Security benefits from the state income tax. This would apply to Social Security payments for residents age 62 and older. Connecticut is one of only thirteen states that taxes Social Security payments. It is time we catch up with the rest of the country.