House Bill 6901 (sHB6901 File No. 857) introduces a student loan reimbursement program within the Office of Higher Education for certain individuals who have attended a state college or university, hold a relevant occupational or professional license or certification, and meet residency and income requirements. Eligible participants must volunteer for a nonprofit organization for at least 50 unpaid hours annually and can receive up to $5,000 per year in student loan reimbursements, with a lifetime cap of $20,000 over four years. The bill also allows for up to 2.5% of funds to be used for program administration and requires the Office of Higher Education to report on the program's operation and effectiveness.

In addition to the student loan reimbursement program, the bill amends the Connecticut adjusted gross income tax law to include new deductions and modify existing ones. It outlines a phased increase in deductions for pension or annuity income, introduces deductions for lost wages and medical expenses related to organ donation, and specifies deductions for various other types of income, including distributions from individual retirement accounts for certain income brackets. The bill also includes a fiscal impact statement detailing the costs associated with establishing the program and the necessary updates to state systems. The bill is set to take effect on July 1, 2023, with tax-related sections affecting taxable years starting on or after January 1, 2024. House Amendment "A" makes procedural changes and adjusts eligibility requirements for the program.

Statutes affected:
APP Joint Favorable Substitute: 12-701
File No. 744: 12-701
HED Joint Favorable: 12-701
File No. 857: 12-701