HB 6440 Summary: JobsCT Tax Rebate Program

• Establishes a JobsCT tax rebate program allowing qualified businesses in finance, insurance, manufacturing, clean energy, bioscience, technology, and digital media to receive tax rebates for creating new jobs in Connecticut.

• Qualified businesses must hire at least 25 new full-time equivalent employees earning at least 85% of median household income (or $37,500, whichever is greater) to receive rebates of up to $1,000-$2,000 per job, or $5,000 maximum annually per job created.

• Discretionary FTE employees meeting certain criteria (disabled individuals, unemployment services recipients, veterans, those with criminal convictions, long-term unemployed, those lacking postsecondary credentials) qualify for enhanced rebates up to $750-$1,500 per job, or $5,000 maximum annually.

• Rebates may be claimed for up to seven successive calendar years, with businesses forfeiting remaining rebates if they fail to maintain 25 new jobs in any two consecutive years; aggregate program cap is $40 million annually ($10 million for discretionary FTEs only).

• Applies to taxable years beginning January 1, 2022 and effective July 1, 2021; requires annual reporting to Office of Policy and Management on program expenses and jobs created.