Substitute Senate Bill No. 13, also known as Public Act No. 24-52, is a legislative measure that amends Section 12-217qq of the general statutes to encourage student loan repayment assistance. Effective from January 1, 2025, the bill removes the terms "Authority" and "Eligible education loan" from the current law and introduces new definitions such as "Student education loan" and "Student loan servicer." It revises the eligibility criteria for both employees and employers to claim tax credits for direct payments made to student loan servicers on behalf of employees. The bill caps the total amount of tax credits at ten million dollars per calendar or income year and outlines the application process for claiming these credits. Additionally, it allows qualified small businesses to exchange their tax credits for a refund under certain conditions.

The legislation also establishes the High Priority Occupation Loan Subsidy Program, which is designed to subsidize interest rates on refinanced loans for individuals employed in designated high priority occupations. The Connecticut Higher Education Supplemental Loan Authority, in consultation with the Office of Workforce Strategy, will identify these occupations and set the program's guidelines and eligibility criteria. The bill requires the creation of a separate, nonlapsing account to manage funds for the program, which will be sourced from state appropriations or bond sales. The funds will be used for program objectives, administrative expenses, issuing loans, and maintaining a reserve for potential losses. The specific insertions and deletions to the current law are not detailed in the provided text.

Statutes affected:
Governor's Bill: 12-217qq, 32-8a
HED Joint Favorable Substitute Change of Reference: 12-217qq
FIN Joint Favorable: 12-217qq
File No. 523: 12-217qq
Public Act No. 24-52: 12-217qq