HB 6628 Summary

• Expands digital media tax credit to apply against sales tax (Chapter 219) beginning January 1, 2022, in addition to existing income tax applicability.

• Allows credits claimed against sales tax only if there is at least 50% common ownership between the taxpayer and the eligible production company that created the credit, with the taxpayer claiming only 92% of the credit amount.

• Extends credit claim period to five years following the income year expenses were incurred for vouchers issued on or after January 1, 2022 (previously three to five years depending on issuance date).

• Maintains existing credit rates: 10% for expenses of $100,000-$500,000, 15% for $500,000-$1,000,000, and 30% for over $1,000,000.

• Takes effect January 1, 2022, and repeals and replaces Connecticut General Statutes Section 12-217jj governing the digital media tax credit program.