CT HB05395

Establishes a tax credit program allowing Connecticut businesses to claim $500 per month for each qualifying employee hired on or after January 1, 2018.

Qualifying employees must be recent graduates (within 3 years) of Connecticut public or private institutions of higher education and hired for new full-time jobs (minimum 35 hours per week, 48+ weeks per year).

Minimum job creation requirements vary by company size: at least 1 new job for businesses with 50 or fewer employees, 5 new jobs for those with 51-100 employees, and 10 new jobs for those with over 100 employees.

Tax credit is claimed in the income year earned and cannot carry forward; annual statewide credit cap is $1 million per fiscal year.

Taxpayers must apply to the Commissioner of Economic and Community Development and receive certification; credit cannot exceed tax liability and cannot be combined with other tax credits for the same employee.