SB 1027 Summary

• Establishes the JobsCT tax rebate program allowing qualified businesses in finance, insurance, manufacturing, clean energy, bioscience, technology, and digital media to claim tax credits for creating at least 25 new full-time jobs paying at least 85% of median household income or $37,500, whichever is greater.

• Provides tax rebates of $1,000-$5,000 per job created, with higher rates (50%) for jobs in opportunity zones or distressed municipalities and lower rates (25%) for other locations; credits are capped at $40 million statewide annually.

• Allows commissioner discretion to approve "discretionary FTEs" earning lower wages if a majority are individuals with disabilities, long-term unemployment, criminal records, veteran status, or lack postsecondary credentials.

• Creates aerospace manufacturing project incentives including sales and use tax offsets and corporation business tax credits up to $50-75 million total, tied to maintaining helicopter production facilities, employment thresholds of 6,000-7,500 workers, and supplier spending of $300-470 million annually through June 30, 2032.

• Requires annual compliance reporting by benefiting businesses and audits; Commissioner of Economic and Community Development cannot enter new aerospace agreements after January 31, 2023.