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