CT SB00331

Repeals and replaces Section 12-217g of general statutes to add tax credits for employers hiring newly hired veterans in apprenticeship programs, effective for income years commencing on or after January 1, 2012.

Defines "newly hired veteran" as a person who was unemployed, served in the armed forces in Operation Enduring Freedom or authorized military operations against Iraq, and was honorably discharged after at least 90 days of service in a designated combat zone.

Allows employers a tax credit of $2 per hour multiplied by total hours completed by newly hired veterans in manufacturing, plastics, plastics-related, and construction trade apprenticeships lasting at least two years, capped at 50% of actual wages paid.

Maintains existing apprenticeship tax credits: $4 per hour for manufacturing trades (capped at $4,800 or 50% of wages) and $2 per hour for construction trades upon completion (capped at $4,000 or 50% of four-year wages).

Limits total annual tax credits to the amount of tax liability due from the taxpayer and restricts employers to claiming only the greatest credit when eligible for multiple credits per newly hired veteran.