(a) For taxable years commencing on or after January 1, 2019, there shall be allowed a credit against the personal income tax imposed under this chapter for individuals who (1) are employed in this state, (2) receive, on or after January 1, 2019, a bachelor’s, master’s or doctoral degree in a science, technology, engineering or math-related field, from an institution of higher education in this or another state, and (3) (A) reside in this state, or (B) move to this state within two years after receiving such degree. Such credit shall be in the amount of five hundred dollars and may be claimed for the five successive taxable years after the date of graduation, provided the requirements under subdivisions (1) to (3), inclusive, are met in each taxable year.
(b) If the amount of the credit allowed pursuant to subsection (a) of this section exceeds the individual’s liability for the personal income tax imposed under this chapter, the Commissioner of Revenue Services shall treat such excess as an overpayment and, except as provided under section 12-739 or 12-742, shall refund the amount of such excess, without interest, to the individual.
(c) Any individual claiming a credit under subsection (a) of this section shall provide any documentation required by the Commissioner of Revenue Services in a form and manner prescribed by said commissioner.
(June Sp. Sess. P.A. 17-2, S. 648.)
History: June Sp. Sess. P.A. 17-2 effective January 1, 2019.
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