CT SB01012

Repeals and replaces Section 12-635 of the general statutes regarding the Neighborhood Assistance Tax Credit, effective January 1, 2017 for income years commencing on or after that date.

Maintains existing tax credit provisions for investments in energy conservation projects, college access loan forgiveness programs in educational reform districts, and employment and training programs for disadvantaged populations (youths, disabled persons, older workers, temporary family assistance recipients, and child care services).

Expands the tax credit to include investments in educational scholarship programs that provide admission to accredited private nonprofit schools in grades kindergarten through twelve for state resident children, subject to the same income eligibility requirements (75% of beneficiaries at or below 150% of poverty level).

Restructures the tax credit framework by renumbering provisions and consolidating "any other program" language into a new subsection (5) covering programs serving low-income populations that meet eligibility standards under the chapter.

Tax credits available at rates of 60-100% depending on the type of program and investment, administered by the Commissioner of Revenue Services against Connecticut income taxes.