Bill Text: CT SB00397 | 2014 | General Assembly | Comm Sub
Bill Title: An Act Concerning The Connecticut Higher Education Trust.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2014-03-24 - Favorable Change of Reference, House to Committee on Finance, Revenue and Bonding [SB00397 Detail]
Download: Connecticut-2014-SB00397-Comm_Sub.html
General Assembly |
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February Session, 2014 |
*_____SB00397BA_FIN032014____* |
AN ACT CONCERNING THE CONNECTICUT HIGHER EDUCATION TRUST.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. 12-701a of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2014, and applicable to taxable years commencing on or after January 1, 2014):
The maximum annual modification under subparagraph (B)(xiii) of subdivision (20) of subsection (a) of section 12-701, as amended by this act, shall be equal to the amount of contributions to all accounts established pursuant to any qualified state tuition program, as defined in Section 529(b) of the Internal Revenue Code, established and maintained by this state or any official, agency or instrumentality of the state, but shall not exceed five thousand dollars for each individual taxpayer for each child's of whose such an account has been established, provided such modification shall not exceed ten thousand dollars, or ten thousand dollars for taxpayers filing a joint return for each child of whose such an account has been established, provided such modification shall not exceed twenty thousand dollars. Any amount of a contribution that is not subtracted by the taxpayer in the year for which the contribution is made, on or after January 1, 2006, may be carried forward as a subtraction from income for the succeeding five years; provided the amount subtracted shall not exceed the maximum allowed in each subsequent taxable year.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2014, and applicable to taxable years commencing on or after January 1, 2014 |
New section |
BA |
Joint Favorable Subst. C/R |
FIN |