CT SB00399

Repeals and replaces Section 12-217zz of the general statutes effective January 1, 2017, for income years commencing on or after that date.

Reduces the tax credit cap from 70% to 50.01% of tax due for income years beginning January 1, 2015 and after.

Establishes a phase-in schedule for taxpayers with excess credits: 55% cap for 2016, 60% for 2017, 65% for 2018, and 70% for 2019 and beyond.

Allows credits under sections 12-217j and 12-217n to exceed normal caps up to 65% for 2017-2018 and 70% for 2018-2019 income years.

Defines "excess credits" as remaining credits available under specified sections after tax credits are utilized against the 50.01% cap.