Making CT More AffordableMarch 9, 2017
Here in Connecticut, we take pride in caring for each and every one of our citizens. As a result, our state is always near the top of “quality of life” surveys. As recently as November of 2016, a report by the financial news website, 24/7 Wall St, ranked Connecticut as the second best state to live in.
How do we maintain such high standards? How do we ensure that both young and old find an exceptional quality of life in our state? By crafting legislation that positively impacts our citizens during the most crucial times in their lives.
This year we are proposing two bills that will ensure Connecticut remains one of the best places to live by making the state more affordable for both recent college graduates and senior citizens.
Making Connecticut More Affordable for College Graduates
Connecticut is home to some of the best and brightest students in the nation. According to the most recent rankings by U.S. News and World Report, we have some of the top schools in the country. Yale was ranked third among national universities; UConn was ranked 20th among national public universities; and three other Connecticut schools were among the top 50 liberal arts colleges nationwide.
We need to do more to ensure that students who gain their world-class education in our state go on to join Connecticut’s workforce. That’s why we have introduced HB 5586.
This bill will give a tax credit to any college graduate who decides to remain in Connecticut. In order to be eligible, they must:
- 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.
Making Connecticut More Affordable for Seniors
Many retirees living in Connecticut are struggling to keep up with the rising costs of living. Stretching a fixed income to cover day-to-day living, as well as the increased medical expenses that come with old age, often proves impossible. We have introduced HB 5587 to help ease the burden our seniors bear.
This bill will eliminate the state income tax on Social Security payments for residents 62 years of age 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.