CT HB05528

Permits eligible corporations with research and development tax credits to contribute or transfer those credits to development companies undertaking qualified projects in enterprise zones, effective July 1, 2010.

Allows development companies to receive certificates of eligibility from the Commissioner of Economic and Community Development to accept transferred credits, with no certificates issued after December 31, 2020.

Defines eligible projects as newly constructed or substantially expanded/renovated commercial or residential real estate developments in enterprise zones, including expenditures for land, construction, demolition, remediation, infrastructure, utilities, and tenant procurement.

Limits contributions to $50 million per income year per eligible corporation to a single development company, and requires joint notification to the department within 30 days of any credit transfer.

Requires independent certification within 48 months that transferred credits were used exclusively for qualified projects, with unexpended proceeds returned to the commissioner if projects terminate.