CT SB00447

Allows corporations a $2,500 tax credit for each new employee hired who is a resident of a federally designated promise zone, with residency defined as domiciled in the zone for at least 180 days before hire.

Permits unused employee hiring credits to be carried forward for up to five successive years.

Provides tax credits for corporations that acquire or develop facilities in promise zones on or after January 1, 2016, with credits declining annually from 100% of allocable tax in 2016 to 50% by 2026.

Allows unused facility location credits to be carried forward for up to five successive years.

Effective July 1, 2016, applicable to taxable years commencing on or after January 1, 2016.