CT SB01055

Establishes a priority order for claiming multiple tax credits: carryback credits (with earliest expiration first), non-carryable credits, then carryforward credits (with earliest expiration first).

Consolidates open space land donation credits and educational land donation credits into section 12-217dd, both allowing 50% credit on land value with 25-year carryforward periods.

Eliminates the separate educational land donation tax credit under section 12-217ff for donations made on or after January 1, 2013, while allowing existing credits from prior years to continue.

Allows sale, assignment, or transfer of entertainment industry infrastructure tax credits under section 12-217kk without restriction to the income year expenditures were made.

Increases job expansion tax credit cap from $20 million per fiscal year to $40 million over the duration of the program including the two succeeding years; prioritizes qualifying and veteran employees starting January 1, 2014.

Repeals four tax credit sections (12-217l, 12-217y, 12-217bb, and 12-217hh) effective July 1, 2013.

Requires Commissioner of Revenue Services to study Connecticut's personal income tax structure and submit recommendations to the General Assembly by January 15, 2014.