HB05347 Summary

• Restructures jobs creation tax credit program to require creation of only one new job (reduced from ten) with wages at least 80% of state median income and health care benefits, offering up to 15% of wages as credit for three years with maximum $4,000 annual credit per employee.

• Reduces film production tax credit from 30% to 20% for productions costing over $1 million (effective January 1, 2010) and eliminates eligibility for expenses incurred outside the state.

• Increases state-certified project investment tax credit from 20% to 30% for investments of $3 million or more (effective January 1, 2010).

• Changes insurance business investment tax credit deadline from December 31, 2015 to January 1, 2011 and restricts credits to closed-end funds.

• Repeals sections 10-228b, 12-217l, 12-217u, and 12-217cc; establishes reporting requirements for tax credit programs; and modifies financial institution assistance eligibility criteria.