CT HB05574

Establishes a program effective July 1, 2016, allowing businesses to exchange accumulated research and development tax credits for state payments supporting capital projects.

Requires businesses to apply to the Commissioner of Economic and Community Development with a detailed project plan, timeline, estimated costs, and the amount of credits to be exchanged.

Commissioner may approve applications if the proposed capital project generates direct and indirect economic benefits exceeding the accumulated tax credits being exchanged.

Payments may be made as offsets or refunds of state taxes under chapters 208 and 219, administered by the Commissioner of Revenue Services in consultation with the economic development commissioner.

Requires the commissioner to submit annual reports to relevant legislative committees beginning July 1, 2017, detailing applications received and approved, project status, and total accumulated credits exchanged.