CT HB05357

Revises jobs creation tax credit program to require creation of a single new job (instead of at least ten) with wages at or above eighty percent of state median income plus health benefits, allowing credits up to fifteen percent of wages with a maximum of four thousand dollars annually for three years (down from five years).

Changes state-certified project credit requirement from various tiers based on investment amounts to a flat thirty percent credit for investments of three million dollars or more in projects commencing on or after January 1, 2010.

Eliminates insurance business tax credit for investments made on or after January 1, 2010, though credits granted prior to that date may still be claimed.

Requires annual reporting to the Business Tax Credit and Tax Policy Review Committee by the Commissioner of Revenue Services evaluating all tax credit programs, including number of taxpayers, amounts granted, economic impact analysis, and recommendations to continue, modify, or repeal programs.

Repeals three unused tax credit programs (sections 10-228b, 12-217l, 12-217u, and 12-217cc) effective for income years commencing on or after January 1, 2011.