Bill > SB01246

This bill implements various revenue and tax-related provisions for the state's biennial budget. Here's a summary of the key provisions: This bill makes several significant changes to state tax and licensing policies. It introduces a new child tax credit for eligible taxpayers, providing up to $150 per child (with a maximum of three children), phased out for higher-income households. The bill eliminates various licensing fees across multiple professional categories, including healthcare professionals, trades workers, and educators. It creates new tax credits for farmers investing in farm equipment, employers contributing to college savings accounts, and businesses paying student athletes. The bill also implements a temporary surcharge on high-income taxpayers' capital gains, with rates ranging from 1.75% for individuals with adjusted gross incomes over $1-2 million, depending on filing status. The legislation modifies hospital taxation systems, adjusting tax rates and supplemental payment structures for hospitals. It updates various tax-related provisions, including changes to the Budget Reserve Fund calculation and threshold amounts. The bill introduces credits for family child care homes and creates a mechanism for tax credits for businesses paying student athletes through endorsement contracts. Additionally, the bill makes technical changes to tax collection procedures, licensing requirements, and creates new special funds. Notable exemptions and credits are established for specific industries and taxpayer groups, with careful consideration of income thresholds and specific qualifying conditions for various tax benefits and credits.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB01246&which_year=2025