CT HB05389

Establishes a job creation tax credit program allowing taxpayers who create at least ten new jobs in Connecticut to claim credits of $2,500 per employee for up to five successive years.

Defines "new employee" as a person hired to fill a newly created full-time job (minimum 35 hours per week) employed for twelve consecutive months, excluding workers previously employed by related entities.

Introduces "baseline employees" metric calculated as the annual average of monthly full-time employees, with new job credits based on the increase above this baseline.

Requires taxpayers to apply to the Commissioner of Economic and Community Development, who must approve applications within 90 days and ensure total annual credits do not exceed $10 million statewide.

Imposes recapture penalties requiring taxpayers to return a percentage of credits (30-90%) if new employee counts fall below certified levels during the four years following the initial eligibility year.