HB 5437 — AN ACT ESTABLISHING A JOB CREATION INCENTIVE TAX CREDIT PROGRAM FOR THE HIRING AND RETENTION OF NEW FULL-TIME EMPLOYEES.

General Assembly   RaisedSubstitute Bill No.

5437 February Session, 2018   LCO*_____HB05437CE_FIN032318____* No.AN ACT ESTABLISHING A JOB CREATION INCENTIVE TAX CREDIT PROGRAM FOR THE HIRING AND RETENTION OF NEW FULL-TIME EMPLOYEES.

2224   *02224_______CE_* Referred to Committee on COMMERCE   Introduced by:

  (CE)   AN ACT ESTABLISHING A JOB CREATION INCENTIVE TAX CREDIT PROGRAM FOR THE HIRING AND RETENTION OF NEW FULL-TIME EMPLOYEES.

(NEW) (Effective July 1, 2018, and applicable to income and taxable years commencing on or after January 1, 2018):2018) (a) As used in this section:

(a) As used in this section:

(4) "Income year" means, with respect to entities subject to the insurance premiums tax under chapter 207 of the general statutes, the corporation business tax under thischapter chapter,208 of the general statutes, the utility companies tax under chapter 212 of the general statutes or the income tax under chapter 229 of the general statutes, the income or taxable year as determined under each of said chapters, as the case may be;

(6) "New job" means a full-time job that did not exist in this state prior to a taxpayer's application to the commissioner for certification under this section for a job creation and retention tax credit,credit and is filled by a new, qualifying or veteran employee;

(9) "Taxpayer" means a person that (A) has been in business for at least twelve consecutive months prior to the date of the taxpayer's application to the commissioner for certification under this section for a job expansion tax credit, and (B) is subject to tax under this chapter or chapter 207, 208, 212 or 229 of the general statutes;

(b) There is established a job creation incentive tax credit program whereby a taxpayer may be allowed a credit against the tax imposed under this chapter or chapter 207, 208, 212 or 229 of the general statutes, other than the liability imposed by section 12-707 of the general statutes, for each new, qualifying or veteran employee hired on or after July 1, 2018.

(4) No taxpayer claiming the credit under this section with respect to a new, qualifying or veteran employee shall claim any credit against any tax under any other provision of the general statutes with respect to thesuch same new, qualifying or veteran employee.

(f) No credit allowed under this section shall exceed the amount of tax imposed on a taxpayer under this chapter or chapter 207, 208, 212 or 229 of the general statutes.

Section 1 July 1, 2018, and applicable to income and taxable years commencing on or after January 1, 2018 New section StatementCE ofJoint Purpose:Favorable Subst.

ToC/R establishFIN a job creation incentive tax credit program for the hiring and retention of new, full-time employees in order to encourage businesses to grow and maintain jobs.

[Proposed deletions are enclosed in brackets.

Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]