CT SB00356

Expands the definition of "business firm" under the Neighborhood Assistance Act to include entities subject to chapter 229 tax, effective July 1, 2012.

Allows shareholders, partners, or owners of S corporations, partnerships, and single-member LLCs subject to chapter 229 tax to claim credits under chapter 228a of the general statutes, effective July 1, 2012.

Extends tax credits for investments in neighborhood assistance programs to businesses subject to chapter 229 tax, capping credits at 60% of total cash invested (or up to 100% for certain energy conservation projects), effective for taxable years beginning January 1, 2012.

Applies expanded tax credit eligibility to child care facilities, energy conservation projects, employment and training programs, and alcoholism prevention programs for all covered business entities including those subject to chapter 229 tax.

All provisions apply retroactively to taxable years commencing on or after January 1, 2012, with section 1 taking effect July 1, 2012.