Higher Education Commitee Bills referred to the Finance, Revenue and Bonding Committee

Topic:
FINANCE CHARGES; HIGHER EDUCATION-SELECT COMMITTEE; LEGISLATION; LEGISLATIVE COMMITTEES;
Location:
LEGISLATIVE COMMITTEES;

OLR Research Report


March 16, 2006		2006-R-0240
HIGHER EDUCATION COMMITTEE BILLS REPORTED TO THE FINANCE, REVENUE AND BONDING COMMITTEE

By: Saul Spigel, Chief Analyst

You asked for a brief summary of bills the Higher Education Committee favorably reported to the Finance Committee.

HB 5526, AAC AN INCOME TAX DEDUCTION FOR CONTRIBUTIONS TO CONNECTICUT HIGHER EDUCATION TRUST ACCOUNTS

The bill allows Connecticut taxpayers to deduct from their income for income tax purposes contributions up to $ 5,000 (for single filers) or $ 10,000 (for joint filers) to a Connecticut Higher Education Trust (CHET) account.

SHB 5023, AAC ELIGIBILITY FOR THE APPRENTICESHIP TRAINING TAX CREDIT.

The bill extends to open (nonunion) shops the corporation tax credit for hiring construction trade apprentices that is now available only to businesses that sponsor a four-year apprenticeship program jointly with a union. The credit is for up to $ 1,000 per year per apprentice or 50% of the apprentice's annual wages, whichever is less.

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