Making CT Affordable For College GradsMarch 3, 2017
Representative Haddad, House chairman of the legislature’s Higher Education and Employment Committee, is urging passage of House Bill 5586, An Act Making Connecticut More Affordable For College Students.
The legislation establishes a tax credit against the personal income tax for recent graduates from an accredited institution of higher education with an associate, bachelor, master’s or doctoral degree who reside in the state of Connecticut within two years of graduation. They can claim this tax credit for 5 successive years.
“Making Connecticut an appealing place for new young professionals with college degrees is very important to our state’s future. These are the people who we will rely on to meet many of the demands of our private employers for a skilled, capable workforce,” Haddad (D-Mansfield) said.
“The typical graduate is leaving college with a mountain of student loan debt. Providing a tax incentive for new college grads to live in Connecticut is a win-win for our residents. Students get some relief from their taxes for a limited time at the beginning of their careers as they step into the marketplace of jobs. Businesses also get to add this policy to their pitch to the best and brightest new workers to entice them to come here, to Connecticut, to help them grow their business,” Haddad said.
“I’m proud to stand with my caucus leaders and my colleagues to support this initiative,” he said.
“I chose to attend school in Connecticut because I love it here and would like to be able to stay in the state after graduation,” said Chris Kantor, a student at Sacred Heart University. “This proposed tax credit would give me and a lot of my fellow classmates an added incentive and ability to work and live here affordably after college.”
“I have lived in Connecticut my whole life and would love to be able to begin my professional career here once I graduate from college,” said Nicholas Girard, a student at Yale University. “I would benefit greatly from a tax credit like the one proposed in this legislation. Having the extra income to help payoff student loans or to put away in savings would make a big difference.”
Haddad and his Democratic colleagues in the House of Representatives are also seeking to make Connecticut more affordable also for senior citizens. Legislation they have introduced would exempt Social Security benefits from the state income tax for seniors.