AN ACT INCENTIVIZING STUDENT LOAN REPAYMENT ASSISTANCE.

This bill creates a tax credit program that allows Connecticut businesses to receive a 50% credit against state taxes for making direct payments toward employees' student loans. To qualify, employers must hire full-time residents who earned a bachelor's degree within the last five years and use those loans for their higher education. The state has set a yearly cap of $10 million for these credits, which are distributed on a first-come, first-served basis, and small businesses can choose to convert their unused credits into cash refunds.