Bill > HB05032

This bill proposes to amend Chapter 229 of the general statutes to create a new personal income tax credit specifically for individuals who have paid interest on student loans. The tax credit would allow taxpayers to reduce their personal income tax liability by up to $1,000 based on the amount of student loan interest they have paid during the tax year. This type of tax credit is designed to provide financial relief to individuals burdened by student loan debt, helping to offset the cost of higher education by providing a direct reduction in the taxpayer's income tax owed. By offering a dollar-for-dollar credit of up to $1,000, the bill aims to ease the financial strain of student loan repayment and potentially make higher education more affordable for residents.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05032&which_year=2025