General Assembly Raised Bill No. 5418 seeks to enhance the Kirklyn M. Kerr program at the University of Connecticut, which provides support for in-state veterinary students. The bill proposes to increase the number of students supported per cohort from five to ten and allows funding for a four-year period. It introduces a new application process for state residents to apply for grants that will cover the difference between in-state and out-of-state tuition, with the stipulation that these grants will be issued as student loans that can be forgiven if the recipient practices as a licensed veterinarian in Connecticut for at least five years post-graduation. Additionally, the bill establishes the "Kirklyn M. Kerr account," which will receive a minimum of six million dollars from state tax revenues starting July 1, 2026, to fund these grants.

The bill also makes significant changes to the taxation of various goods and services in Connecticut. It sets a sales tax rate of seven and three-fourths percent on high-value items and introduces a four and one-half percent rate for vehicle sales to active duty military personnel from other states. Furthermore, it exempts certain services from sales tax and modifies the allocation of tax revenues to various funds, including the regional planning incentive account and the Tourism Fund. Notably, it repeals and replaces existing provisions regarding the excise tax on tangible personal property and services, establishing a new general excise tax rate of six and thirty-five-hundredths percent. Overall, Raised Bill No. 5418 aims to improve support for veterinary education while adjusting tax rates and revenue distribution to meet the state's fiscal needs.

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