CT HB05437

Establishes a job creation incentive tax credit program allowing taxpayers to claim credits against state income, insurance premiums, business, and utility company taxes for hiring new, qualifying, or veteran employees on or after July 1, 2018.

Provides a tax credit equal to 10% of wages paid to new employees or 12.5% of wages paid to qualifying employees (those receiving unemployment compensation or who exhausted benefits) and veteran employees, calculated for the first twelve months of employment.

Requires employees to work at least 35 hours per week for 48 weeks annually to qualify as full-time, and prohibits credits for temporary, seasonal, or owner positions.

Mandates taxpayers apply to the Commissioner of Economic and Community Development prior to the close of the income year in which the credit is earned, with the commissioner required to issue a written decision within 30 days of a completed application.

Specifies that credits cannot exceed the taxpayer's total tax liability, expire if not claimed in the income year earned, and cannot be combined with other tax credits for the same employee.