JobsCT Tax Rebate Program

• Establishes JobsCT tax rebate program allowing qualified businesses in finance, insurance, manufacturing, bioscience, technology, and digital media to claim tax credits for creating jobs in Connecticut, effective for taxable years beginning January 1, 2021.

• Requires businesses to employ at least 25 new full-time equivalent (FTE) employees earning at least 85% of median household income in their location (or $37,500 minimum) to qualify for rebates of up to $5,000 per new FTE annually.

• Provides enhanced rebates (up to $5,000 per discretionary FTE) for businesses hiring workers from disadvantaged populations including disabled individuals, long-term unemployed, those with criminal records, and non-high school graduates.

• Limits aggregate rebates to $40 million per fiscal year statewide, with discretionary FTE rebates capped at 10% of that limit, and restricts individual rebate periods to maximum seven consecutive calendar years.

• Requires Commissioner of Economic and Community Development approval of applications and annual reporting; businesses forfeit remaining rebates if they fail to maintain 25 new FTEs in two consecutive calendar years unless mitigating circumstances exist.