[{"_1":2,"_124":-5,"_125":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,76,88,100,112],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},"mediaId",6614928,"mediaKeyId","3043714-eb25870158e3ba52282d2e080c74ddec","parentId",3043714,"title","Treasurer Urges CHET Rollover, Employer CHET Credit and STO Paydown; Committee Asks for More Data","audioSeconds",292,"startMs",533000,"endMs",825000,"viewUrl","/Search/View?dp=1&key=3043714-eb25870158e3ba52282d2e080c74ddec&start=533&end=825","thumbnailUrl","https://assets.pipeline.soar.com/3043714-eb25870158e3ba52282d2e080c74ddec/thumbnail_533000.jpg","articleUrl","/articles/6614928/Connecticut/Treasurer-Urges-CHET-Rollover-Employer-CHET-Credit-and-STO-Paydown-Committee-Asks-for-More-Data","mediaUrl","https://secure.pipeline.soar.com/6614928-b278ba61a7dd0dd13d8ac09899065764/orig.mp4?Expires=1770445662&Signature=JMpvx4W8SJtziFT9iE~mtx3Wv50ydoryMvZ~jka9bvKIjziVVrTpYdVbFzw1MP0DUrTnSBkJIltYg-xWUX6ujLzTwLa1wtzUdpHMPu2mRcdKiEJDE~AGhYRlVkUXRTno63BJJZUEhEkqalz~tI3t7McgOH7ocB4hyZJprPkjTzzPZc0D4TpFbOlsDUTC6K3qh6xUjywPp0IbSatK3QTZBCInI5m4N1qQUtZqlIgcusDmHc5e2ppf2fuJQdyqMWEnzuxiTN00Th6rHsT71kbbwBKiQ~GwKgeeO-utlbUYho-HuH1fbGPAK4vCeB6Kfjb6eR-HehWPqgU2pNAN42lsAw__&Key-Pair-Id=KUT5TJCACFTXG","author","Connecticut State Legislature - Finance Revenue & Bonding Committee","date","2025-03-18T23:56:54.76Z","article","Treasurer Eric Russell told the Finance, Revenue and Bonding Committee on March 14 that two proposals before the panel would modernize the Connecticut Higher Education Trust (CHET) and use excess special transportation fund capacity to reduce long‑term STO debt.

Why it matters: Russell said changes to CHET would align state rules with recent federal roll‑over law and create a 25% tax credit for employer contributions to employees’ CHET accounts — capped at $500 per worker — to encourage employer‑backed college savings plans. Separately, he described a mechanism the state used last year to eliminate $534,000,000 of outstanding STO debt and said continued paydowns would free future debt‑service spending for more projects.

The CHET proposal: Russell summarized the CHET changes as (1) allowing all federal‑permitted rollovers of CHET balances into other tax‑advantaged accounts, and (2) establishing a 25% employer credit for contributions to employee CHET accounts (other states he cited include Colorado, Illinois, Nevada, Pennsylvania, Wisconsin and Idaho). He told the committee CHET direct has about $5,000,000,000 in assets and nearly 200,000 accounts, and that the CHET Baby Scholars program has paid out about $1.6 million to eligible accounts as of June (of the fiscal reference year reported).

On the special transportation fund (STO): Russell said the STO‑paydown bill formalizes a practice of using excess STF capacity to reduce STO bond principal when the STF exceeds certain reserve thresholds. He said a prior paydown eliminated $534 million in STO debt and is projected to save taxpayers about $682 million in debt service over the next decade. When asked whether paydowns would affect project funding, Russell said it would not impair DOT’s ability to fund projects and may improve the state’s debt profile.

Committee questions and follow-up: Lawmakers asked about experience in other states for employer CHET credits and for empirical evidence of whether the credit increases contributions; Russell offered to provide uptake and evaluation information later. Representatives also asked for more detail on STF reserves and on timing for building out projects; Russell said reserve levels were “just over $500” million and that project deployment timing depends on DOT readiness and contractor capacity.

What’s next: Committee members requested written follow‑up on (a) fiscal modeling and uptake examples from the six states Russell named and (b) STF reserve figures and timeline for projected STO paydowns.

Ending: The treasurer left the committee with the panel’s request for comparative data; members asked staff to circulate the treasurer’s written testimony and additional state comparisons before any vote or bill markup.","mediaType","Video","parentTitle","Finance Revenue & Bonding Committee Public Hearing (3/14/25)","oneSentenceSummary","Treasurer Eric Russell told the Finance, Revenue and Bonding Committee on March 14 that two proposals before the panel would modernize the Connecticut Higher Education Trust (CHET) and use excess special transportation fund capacity to reduce long‑term STO debt.","taxTitle","Finance, Revenue and Bonding, House of Representatives, Committees, Legislative, Connecticut","taxId",15582,"location","Connecticut","headline","","shortSummary",{"_33":77,"_35":36,"_37":38,"_39":78,"_41":79,"_43":80,"_45":81,"_47":82,"_49":83,"_51":84,"_53":85,"_55":56,"_57":58,"_59":86,"_61":62,"_63":64,"_65":87,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6614909,"Bar Association, Probate Officials Back Restoring 9‑Month Estate Tax Deadline; Committee Hears Funding Concern from Probate Courts",535,9538000,10073000,"/Search/View?dp=1&key=3043714-eb25870158e3ba52282d2e080c74ddec&start=9538&end=10073","https://assets.pipeline.soar.com/3043714-eb25870158e3ba52282d2e080c74ddec/thumbnail_9538000.jpg","/articles/6614909/Connecticut/Bar-Association-Probate-Officials-Back-Restoring-9Month-Estate-Tax-Deadline-Committee-Hears-Funding-Concern-from-Probate-Courts","https://secure.pipeline.soar.com/6614909-cde8880bd4702314fbe93487f9fc9319/orig.mp4?Expires=1770445662&Signature=Q1LUQlPbiYXfxBXQ-vYWrRRRfsRF-93mdnuRrJ3oKOFjVKthqzJt7Nc0Ebp0PRxrOvKVU9s17YxyTmMjtk1gjSqCYVI2lXKGwhYiLO~XLu0D6K0OxrB5l3S-FasblyhPuPyv867bgLjSAV2pcVHNlOkJK0FHANitP6dviBino6zxXTvyn7KHkq3UoL2MKaA0-8Qm6bMw-PiqOTbBVmJJYhqPBRwuGCEWcEjklnSrrjxYqjSiVVQoSjGL9sVbgj-UFFj6a8AU-OpsFixFYlzkRKoyHi2p8SvLfu26ohP-zmCrQ~MoZ5aP~x4Kp4qCThD0zO7jhICQFAJOAYESXTWgww__&Key-Pair-Id=KUT5TJCACFTXG","The Connecticut Bar Association told the Finance, Revenue and Bonding Committee the state should restore a nine‑month filing deadline for estate tax returns under HB 7,177, reversing a change made to address an earlier budget gap.

Why it matters: Connecticut currently requires estate tax returns six months after death, with many estates seeking extensions. The bar association argued the shorter deadline causes practical difficulties for executors, who often cannot identify assets, value property or gather documentation in six months. Extending to nine months would align Connecticut with federal and most other states and reduce routine extension filings.

What witnesses said: James Doherty of the Connecticut Bar Association described the administrative difficulties executors face and said Connecticut is an outlier; 12 other states and DC that have estate taxes use a nine‑month filing deadline. Doherty said the six‑month change was made in 2009 to shift revenue between fiscal years and has created the current default extension practice. He supported a nine‑month deadline with an existing extension mechanism preserved.

Probate funding concerns: A representative of the probate court administrator’s office said the courts rely on fees tied to estate filings and that changing the statutory timeline could shift when fees are collected; he urged the committee to consider court funding impacts. Doherty and others said the change to nine months with a six‑month extension keeps timing for larger estates effectively the same (15 months) but may shift some revenue timing for smaller estates.

Ending: The committee asked for additional analysis of probate fee timing and possible offsets; witnesses said the bar, DRS and probate representatives had coordinated on the proposal and would provide follow‑up materials.","The Connecticut Bar Association urged the committee to restore a nine‑month estate‑tax filing deadline (HB 7,177), saying the current six‑month deadline forces near‑universal extension requests and burdens executors. The bar and DRS said the six‑month rule adopted years ago created timing problems; probate administrators warned of fee timing and",{"_33":89,"_35":36,"_37":38,"_39":90,"_41":91,"_43":92,"_45":93,"_47":94,"_49":95,"_51":96,"_53":97,"_55":56,"_57":58,"_59":98,"_61":62,"_63":64,"_65":99,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6614914,"Arts, Museums and Tourism Groups Urge Lawmakers to Direct Meals Tax Revenue to Cultural Fund",5850,5943000,11793000,"/Search/View?dp=1&key=3043714-eb25870158e3ba52282d2e080c74ddec&start=5943&end=11793","https://assets.pipeline.soar.com/3043714-eb25870158e3ba52282d2e080c74ddec/thumbnail_5943000.jpg","/articles/6614914/Connecticut/Arts-Museums-and-Tourism-Groups-Urge-Lawmakers-to-Direct-Meals-Tax-Revenue-to-Cultural-Fund","https://secure.pipeline.soar.com/6614914-c6cd712716ce8c5e5b3ccb2d62b73dc6/orig.mp4?Expires=1770445662&Signature=A9oiKmFQwoSaEFo305E0AN0Qh9BtHX372RHl8WqcQq7BEya2RrgcQskUZJ-iRY2zJPPpJvxEckHI3Sb3q1sdSMRyZ~TRXvfQjXfTi8wAKDums6i-HFIlr~Z~1hJTzOARJG~IrHRyjAD-r1nd63SenjlfI-40jN5UU2xRjsxEfXfUd~9MB1x-GkjVdYc7UBvXH5aQPwxfsA2Ka7gcT~2ek7pLXea~yAfvUQRl5jd6ADqwoAfKALfaXtAcC15Md6fm5ISKxrTops~4iAKfyKj20aAe8rdBbsw-UJp1wUlPw6~p6V2rGjFtyR7G8dqLf1-hqAPqkWVpkc7I7FG7Gsh1nw__&Key-Pair-Id=KUT5TJCACFTXG","A broad coalition of arts, museum and tourism leaders urged the Finance, Revenue and Bonding Committee on March 14 to allocate a share of meals and beverage tax revenue to the Connecticut Cultural Fund and tourism marketing under HB 7,176.

Why it matters: Speakers — representing regional arts councils, theaters, museums and tourism groups — said a stable funding stream would let cultural organizations plan, boost cultural tourism and help local businesses that rely on event‑driven customers. Multiple witnesses cited economic studies showing large returns: every dollar invested in arts and culture generates multiple dollars for local economies.

Who testified: Witnesses for the bill included Hope Chavez (Arts Council of Greater New Haven), Peter Gistelink (Avon Theatre), Morgan Fippenger (Carousel Museum), Frank Stilwegner (Goodspeed Musicals), Jeffrey Mayneville (Noah Webster House), Wendy Vincent (Cultural Coalition of Eastern CT), Jason Mancini (Connecticut Humanities) and others. They described local revenue, education programming, job creation and the role of museums and performing arts in sustaining downtown foot traffic.

Key arguments: Testimony stressed that Connecticut ranks low in per‑capita public investment in the arts among New England states. Advocates argued that directing a share of the meals tax would (a) stabilize arts grants, (b) support tourism marketing, (c) fund workforce and infrastructure in hospitality, and (d) generate economic ripples through restaurants, hotels and retail.

Questions and concerns: Municipal representatives and the Connecticut Conference of Municipalities asked about returning funds to cities and towns and about potential impacts on local budgets; CCM opposed an unfunded municipal mandate to raise the machinery exemption in the farm bill (a separate item). Several speakers described measurable local impacts — e.g., the Avon Theatre estimated $1,200,000 in local spending linked to its audience; the Carousel Museum described a $7 return per dollar invested.

Ending: Advocates asked the committee to adopt HB 7,176 or a variant that dedicates meals tax revenue to cultural and tourism funds, and offered to work with lawmakers on formula details and municipal distribution rules.","Arts organizations, museums and tourism advocates urged the committee to support HB 7,176, which would allocate a portion of the meals and beverage tax to the Connecticut Cultural Fund and tourism marketing. Witnesses said a dedicated, stable revenue stream would help museums, theaters and local businesses recover, expand programming and boost",{"_33":101,"_35":36,"_37":38,"_39":102,"_41":103,"_43":104,"_45":105,"_47":106,"_49":107,"_51":108,"_53":109,"_55":56,"_57":58,"_59":110,"_61":62,"_63":64,"_65":111,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6614918,"Farm Groups Back Investment‑Credit Bill and Higher Machinery Tax Exemption to Help Modernize Connecticut Farms",257,2717000,2974000,"/Search/View?dp=1&key=3043714-eb25870158e3ba52282d2e080c74ddec&start=2717&end=2974","https://assets.pipeline.soar.com/3043714-eb25870158e3ba52282d2e080c74ddec/thumbnail_2717000.jpg","/articles/6614918/Connecticut/Farm-Groups-Back-InvestmentCredit-Bill-and-Higher-Machinery-Tax-Exemption-to-Help-Modernize-Connecticut-Farms","https://secure.pipeline.soar.com/6614918-43b94944283d74f9046bcee95f6e22a3/orig.mp4?Expires=1770445662&Signature=bwGKdDJCnoYEZhlywXxEoZEZ6O3Z68Wcv2crzvyyi0e8-uicNJbTT9NOdMOLT1VI-AZf8nc-7oMZAk5Xzz1zHEib~pyUEbErggpAuboEvzcwEYbQloygv1~vGK7ctKokzNUuE0Ui4teV6bZvhrE3EsPJO37dtdXCm5D4M5t-nTo0R8OKkNCFhX55QNWzRqwd740A7sJ-d6cHB-haSg9O6fznc72-aZoC08ESMPjLatW7cgvtU2WHyXO8rbj~ATdsRyBNA1Ny5ELXjyhh0q~7wEpoEDEwzMnlEuPT9DdffgPR9ZTmOdIYuMgWjmvDEvLGtJVp4Hlcvqm-hXVltDd4HQ__&Key-Pair-Id=KUT5TJCACFTXG","Farmers and agricultural groups told the Finance, Revenue and Bonding Committee they support HB 7,175, which would create a farm investment tax credit and raise the municipal property tax exemption on farm machinery and equipment from $100,000 to $500,000.

Why it matters: Testimony described rising equipment costs, tight margins, and succession pressures in Connecticut agriculture. Supporters said the measures would encourage modernization, improve profitability and help keep family farms operating and investing locally.

What supporters said: Paul Larson, president of the Connecticut Farm Bureau, and Tracy McDougall (executive director) called the bill “landmark,” noting it would require recipients to demonstrate farm income history, require assets be used in agricultural production for at least five years, and include payback language if assets leave agricultural production before the required service period. Farmer witnesses from dairy, vineyards and diversified farms described high equipment prices (examples included forage and harvest equipment costing hundreds of thousands of dollars) and argued credits and a larger machinery exemption would let them reinvest in safety, yield and succession.

Questions from committee members: Lawmakers asked how Connecticut compares with neighboring states and whether credits would drive relocation across state lines. Farmers who operate on both sides of the border said New York and Massachusetts programs provided competitive advantages and that Connecticut risks losing investment without a similar policy. Committee members requested statistical breakdowns of farm types and employment that proponents offered to supply in writing.

Ending: Supporters urged a yes vote, offering written testimony and follow‑up farm size and commodity data to the committee; several farmers noted the proposed measures would produce long‑term local economic benefits by sustaining farm businesses and agritourism.","Farm Bureau and multiple Connecticut farmers urged passage of HB 7,175, a package that would create an investment tax credit for farmers and raise the municipal property tax exemption on farm machinery and equipment from $100,000 to $500,000. Proponents said the changes would help farmers afford modern equipment, encourage multigenerational farm",{"_33":113,"_35":36,"_37":38,"_39":114,"_41":115,"_43":116,"_45":117,"_47":118,"_49":119,"_51":120,"_53":121,"_55":56,"_57":58,"_59":122,"_61":62,"_63":64,"_65":123,"_67":68,"_69":70,"_71":72,"_73":74,"_75":74},6614923,"Retailers, Restaurants and Processors Clash Over Bill to Bar Card‑Networks from Charging Fees on Sales Tax",3983,1716000,5699000,"/Search/View?dp=1&key=3043714-eb25870158e3ba52282d2e080c74ddec&start=1716&end=5699","https://assets.pipeline.soar.com/3043714-eb25870158e3ba52282d2e080c74ddec/thumbnail_1716000.jpg","/articles/6614923/Connecticut/Retailers-Restaurants-and-Processors-Clash-Over-Bill-to-Bar-CardNetworks-from-Charging-Fees-on-Sales-Tax","https://secure.pipeline.soar.com/6614923-422a357809d2ecea51155de041026c09/orig.mp4?Expires=1770445662&Signature=iI~hZ9ECvcpxVasb8GhWuIt4LChfdW72iNw5WSHwehJfPdZEmeBe~b3tJrr-gpH8Jd-HVOI6CXmMX8C1NL5AiQmKLpafZ8xp9HEEmPlB6x-L0O1Z4Li5c8UqohZL5tjT50CaaIPIwBHf~2KtpoSkU3yEdSYWLwINBBDJagPPvWa~JahYn7AuRlRF7PkKjEACkSKBenkowQo~S1Ll9TwEReyiiDZeZkmJDTHKVQOGLBjaauczT2S3clpKaxTJX3jlN9g1oXNmQ~SKhUhgMDcDfGaESgoPGkk9PbV7rVGjeHyZhRV1NfAlGDSGwFZyM~tWVZYarY3tSoCQ7LOtkEaBiA__&Key-Pair-Id=KUT5TJCACFTXG","A contested bill to stop card networks from charging interchange fees on the sales‑tax portion of transactions drew hours of testimony March 14 from retailers, restaurant owners, credit unions, bankers and payments trade groups.

What lawmakers heard: Supporters — including the Connecticut Packaged Stores Association, the Connecticut Restaurant Association, grocery retailers and a string of cultural and tourism organizations — said removing interchange fees on taxes would give financially strained small businesses immediate relief and keep tax‑collection dollars in Connecticut. Opponents — including the Electronic Transactions Association, the Electronic Payments Coalition, state and national banks and the Office of the Comptroller of the Currency (cited by witnesses) — argued the bill would create compliance costs, be difficult to implement in practice, and would likely be held preempted for federally chartered banks.

Supporters’ case: Small businesses and trade groups displayed sample merchant statements and told the committee interchange fees are charged on the full transaction amount, including the state sales tax. Maureen Abrahamson, owner of Moe’s Wine & Spirits (Fairfield), described a contract dispute with a processor and argued the bill would end what she called “a fee on a tax.” Restaurateurs said savings would be meaningful: one restaurant estimated about $5,000 in annual savings; statewide advocates cited figures in the low‑tens of millions of dollars in potential merchant relief.

Opposition and legal questions: Witnesses from national payments trade groups and financial institutions said most interchange revenue flows to card issuers and noted a U.S. district court in Illinois blocked a similar law there on preemption grounds; they cited the National Bank Act and an ongoing legal record. Several witnesses emphasized that the U.S. market has many technical participants — issuers, networks, and processors — and that operational change would be complicated and could favor large national banks over Connecticut chartered banks.

Implementation and technical details: Committee members asked how merchants would be reimbursed (front‑end fee schedule change by networks versus a monthly reimbursement mechanism), whether Apple Pay or debit transactions differ, and whether federal preemption would spare national banks. Industry witnesses said debit interchange rates are lower than credit, and experts noted robust competition in the payments market while warning of substantial transition costs.

Committee reception and next steps: Members pressed both sides for concrete implementation options and legal analysis; supporters asked for a path that either requires networks to exclude taxes on the front end or compensates merchants on the back end. Witnesses said Illinois litigation remains pertinent; committee staff was asked to obtain more detailed cost estimates and legal analyses before further action.

Ending: The hearing closed with requests for follow‑up: (1) state attorneys’ office review of federal preemption risk, (2) more granular merchant statements, and (3) modeling of implementation alternatives (monthly merchant reimbursements vs. network fee schedules).","A broad coalition of retailers, restaurants and arts groups urged the committee to pass SB 14‑60 to prevent payment card networks from charging interchange fees on the sales‑tax portion of transactions. Card‑industry and banking witnesses warned the proposal could be legally preempted and would shift costs to small banks and processors.","actionData","errors"]

Article not found

Treasurer Urges CHET Rollover, Employer CHET Credit and STO Paydown; Committee Asks for More Data

Bar Association, Probate Officials Back Restoring 9‑Month Estate Tax Deadline; Committee Hears Funding Concern from Probate Courts

Arts, Museums and Tourism Groups Urge Lawmakers to Direct Meals Tax Revenue to Cultural Fund

Farm Groups Back Investment‑Credit Bill and Higher Machinery Tax Exemption to Help Modernize Connecticut Farms

Retailers, Restaurants and Processors Clash Over Bill to Bar Card‑Networks from Charging Fees on Sales Tax