CT HB05105

Establishes a job expansion tax credit program allowing taxpayers to claim credits against state taxes for hiring new, qualifying, or veteran employees between January 1, 2012 and January 1, 2014.

Provides tax credits of $500 per month for each new employee or $900 per month for each qualifying or veteran employee, claimable in the income year earned and the two immediately succeeding years.

Requires taxpayers to create a minimum number of new jobs based on current workforce size: at least 1 new job for employers with 50 or fewer full-time employees, 5 new jobs for employers with 51-100 employees, and 10 new jobs for employers with more than 100 employees.

Expands the definition of "qualifying employee" to include individuals receiving employment services from the Department of Mental Health and Addiction Services or participating in employment opportunities and day services operated or funded by the Department of Developmental Services.

Caps total credits granted under this program and related job creation tax credit programs at $20 million per fiscal year.