CT SB01216

Repeals and replaces Section 32-9t of the general statutes effective July 1, 2011, establishing the urban and industrial site reinvestment program allowing taxpayers to claim tax credits for investments in eligible projects.

Expands definition of "investment" to include amounts invested through a "contractually-bound community development entity" in addition to existing fund and community development entity options.

Creates new definitions for "contractually-bound community development entity" (entities with allocation agreements under Section 45D of the Internal Revenue Code) and clarifies that "Internal Revenue Code" means the 1986 Code as amended from time to time.

Allows contractually-bound community development entities to make investments and claim credits, with credit recapture governed by their allocation agreements with the community development financial institutions fund or Section 45D regulations.

Corrects the effective date of Section 4 of Public Act 10-98 to October 1, 2011, applicable to income years commencing on or after January 1, 2012.