New Connecticut Programs
Over the past year some interesting new credit programs have popped
up in Connecticut. Please take note if you have business locations in Connecticut!
- Connecticut Jobs Expansion Tax Credit Program (“JET”) – Effective
January 1, 2012, CT phased out three tax programs 1) Job Creation Tax Credit, 2) Qualified
Small Business Job Creation Tax Credit, and 3) Vocational Rehabilitation Job Creation
Tax Credit. The Connecticut Jobs Expansion Tax Credit Program (JET) effective
for 2012 and 2013 replaces the expired programs. The JET is effective
for 2012 and 2013. The JET program provides a nonrefundable tax credit of $500
or $900 per month for qualified new employees.
Connecticut Tax Credit Limitation Lifted – Effective for tax years
beginning on or after 1/1/2011 and prior to 1/1/2013, a corporation is now permitted
to exceed the 70% cap by an amount equal to $6,000 per net new job. Currently
the amount of tax credits that can be utilized to offset a corporation’s tax liability
is limited to 70% of the amount of the tax liability. Only employees who work
at least 35 hours per week may qualify in making this computation.
This weblog is sponsored by TALX.