CT SB00899

Allows eligible corporations with research and development tax credits to contribute or transfer those credits to eligible development companies for use in qualified development projects located in enterprise zones, effective July 1, 2011

Permits eligible development companies to receive certificates of eligibility from the Commissioner of Economic and Community Development, with no certificates issued after December 31, 2020

Defines qualified development projects as commercial or residential real estate developments that are newly constructed or undergoing major expansion or renovation in enterprise zones, including eligible expenditures for land acquisition, design, construction, infrastructure improvements, and tenant procurement

Limits contributions or transfers of research and development credits to $50 million per year per eligible corporation to a particular development company, with transferees required to submit joint notification to the department within 30 days

Requires eligible development companies to certify within 48 months that transferred credit proceeds were used exclusively for the qualified development project, and mandates repayment of 100% of unexpended proceeds if the project terminates