CT HB05209

Establishes a qualified small business job creation tax credit program for employers with fewer than 25 employees in Connecticut, effective for income years beginning January 1, 2010.

Provides a tax credit of $208 per month for each new full-time employee (35+ hours per week) hired between January 1, 2010 and December 31, 2012, with credits available for the hiring year and two successive years if the employee remains employed full-time.

Requires qualified small businesses to apply to the Commissioner of Economic and Community Development before hiring each new employee, with the commissioner required to approve or deny applications within 30 days.

Caps total tax credits granted under this program and the existing section 12-217ii program at $10 million per fiscal year combined.

Prohibits qualified small businesses from claiming any other tax credits for the same new employee covered under this program.