Connecticut 2018 Regular Session Status: In Committee

SB 532 — AN ACT ESTABLISHING A TAX CREDIT FOR EMPLOYERS MAKING EDUCATION LOAN PAYMENTS FOR COMPUTER PROGRAMMER AND SOFTWARE DEVELOPER EMPLOYEES.

Last action — FILE NO. 630

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Bill Text

What changed in the latest version

11 added · 14 removed

Plain-language change summary

The revised bill SB 532 specifies that it applies to both income and taxable years, whereas the previous version only referred to taxable years. This change clarifies the type of years to which the provisions apply, which can help ensure that stakeholders understand the credit's application. Additionally, the language was adjusted for accuracy in the context of the bill's provisions regarding the employer tax credit for making loan payments on behalf of qualified employees.

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General Assembly   Raised Bill No.
General Assembly   Substitute Bill No.
532 February Session, 2018   LCO No.
532 February Session, 2018   *_____SB00532FIN___040618____* AN ACT ESTABLISHING A TAX CREDIT FOR EMPLOYERS MAKING EDUCATION LOAN PAYMENTS FOR COMPUTER PROGRAMMER AND SOFTWARE DEVELOPER EMPLOYEES.
2992   *02992_______FIN* Referred to Committee on FINANCE, REVENUE AND BONDING   Introduced by:
  (FIN)   AN ACT ESTABLISHING A TAX CREDIT FOR EMPLOYERS MAKING EDUCATION LOAN PAYMENTS FOR COMPUTER PROGRAMMER AND SOFTWARE DEVELOPER EMPLOYEES.
(NEW) (Effective January 1, 2019, and applicable to taxable years commencing on or after January 1, 2019) (a) As used in this section:
(NEW) (Effective January 1, 2019, and applicable to income or taxable years commencing on or after January 1, 2019) (a) As used in this section:
(b) (1) Commencing January 1, 2019, and in each taxable year thereafter, any employer that employs a qualified employee and makes loan payments directly to a lender or lenders on a loan included in such qualified employee's financial aid package may claim a credit against the tax imposed under chapter 208 or 229 of the general statutes.
(b) (1) Commencing January 1, 2019, and in each income or taxable year thereafter, as applicable, any employer that employs a qualified employee and makes loan payments directly to a lender or lenders on a loan included in such qualified employee's financial aid package may claim a credit against the tax imposed under chapter 208 or 229 of the general statutes, as applicable.
Such credit shall be equal to the amount of the actual monthly loan payment made by the employer on the loan, multiplied by the number of months during the taxable year the employer made loan payments on behalf of the qualified employee during the term of employment.
Such credit shall be equal to the amount of the actual monthly loan payment made by the employer on the loan, multiplied by the number of months during the income or taxable year, as applicable, the employer made loan payments on behalf of the qualified employee during the term of employment.
(2) An employer may claim a credit under this subsection for loan payments actually made to a relevant lender or lenders only with respect to (A) loans that are part of a qualified employee's financial aid package, and (B) loan payment amounts paid by the employer during that part of the taxable year that the qualified employee worked in the state, provided a qualified employee who worked in the state for any part of a month shall be deemed to have worked in the state for the entire month.
(2) An employer may claim a credit under this subsection for loan payments actually made to a relevant lender or lenders only with respect to (A) loans that are part of a qualified employee's financial aid package, and (B) loan payment amounts paid by the employer during that part of the income or taxable year, as applicable, that the qualified employee worked in the state, provided a qualified employee who worked in the state for any part of a month shall be deemed to have worked in the state for the entire month.
Any payment of loan amounts in excess of the amounts due during the taxable year shall not qualify for the credit.
Any payment of loan amounts in excess of the amounts due during the income or taxable year, as applicable, shall not qualify for the credit.
(4) An employer may not claim the credit under this subsection with respect to months of the taxable year during which the employee was not a qualified employee.
(4) An employer may not claim the credit under this subsection with respect to months of the income or taxable year, as applicable, during which the employee was not a qualified employee.
If the qualified employee is employed on a part-time basis during the taxable year, the credit for such qualified employee shall be limited to fifty per cent of the credit otherwise determined under this subsection.
If the qualified employee is employed on a part-time basis during the income or taxable year, as applicable, the credit for such qualified employee shall be limited to fifty per cent of the credit otherwise determined under this subsection.
Section 1 January 1, 2019, and applicable to taxable years commencing on or after January 1, 2019 New section Statement of Purpose:
Section 1 January 1, 2019, and applicable to income or taxable years commencing on or after January 1, 2019 New section Statement of Legislative Commissioners:
To establish a credit for employers that make educational loan payments for employees employed as a computer programmer or software developer.
In Section 1, references to income year and "as applicable" were added for accuracy.
[Proposed deletions are enclosed in brackets.
FIN Joint Favorable Subst.
Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]
-LCO  
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Action History

  1. FILE NO. 630

  2. SENATE CALENDAR NUMBER 391

  3. FAV. RPT., TAB. FOR CAL., SEN.

  4. RPTD. OUT OF LCO

  5. REFERRED TO Office of Legislative Research AND Office of Fiscal Analysis 04/23/18

  6. FILED WITH LCO

  7. Joint Favorable

  8. PUBLIC HEARING 0402

  9. REF. TO JOINT COMM. ON Finance, Revenue and Bonding

Sponsors

  • Revenue and Bonding Committee Finance · Primary

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 186 not signed on

Sponsors (1)

  • Finance, Revenue and Bonding Committee

Co-sponsors (0)

None.

Not signed on (186)

186 members have not signed on to this bill.

Show all 186 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation education technology
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

Who sponsors SB 532?
SB 532 is sponsored by Finance, Revenue and Bonding Committee.
What is the current status of SB 532?
This bill died with 2018 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 532?
Track SB 532 free on One Click Politics — get push/email alerts when it moves.

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