Bill Text: CT HB05018 | 2013 | General Assembly | Comm Sub
Bill Title: An Act Establishing A Tax Credit For Businesses That Provide Scholarships For Manufacturing Training Programs.
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2013-04-01 - Favorable Change of Reference, Senate to Committee on Finance, Revenue and Bonding [HB05018 Detail]
Download: Connecticut-2013-HB05018-Comm_Sub.html
General Assembly |
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January Session, 2013 |
LCO No. 4138 | ||
*04138HB05018CE_* | |||
Referred to Committee on COMMERCE |
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Introduced by: |
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(CE) |
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AN ACT ESTABLISHING A TAX CREDIT FOR BUSINESSES THAT PROVIDE SCHOLARSHIPS FOR MANUFACTURING TRAINING PROGRAMS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective July 1, 2013, and applicable to income years commencing on or after January 1, 2013) (a) There shall be allowed a credit against the tax imposed on any taxpayer by chapter 208 of the general statutes for contributions made to a scholarship established to enable Connecticut students to attend a manufacturing training program in the state. The minimum contribution shall be two thousand five hundred dollars and the credit shall be in an amount equal to ten per cent of any contribution above such minimum contribution amount.
(b) The amount of the credit allowed for any income year for any one taxpayer may not exceed five thousand dollars. In no event shall the total amount of all tax credits allowed to all business firms pursuant to the provisions of this section exceed five hundred thousand dollars in any one fiscal year.
(c) The credit shall be claimed on the tax return for the income year during which the taxpayer made the contribution to the scholarship fund. Any tax credit not used in the period during which the expenditure was made may be carried forward for the five immediately succeeding income years until the full credit has been allowed.
(d) The Commissioner of Revenue Services shall adopt regulations, in accordance with the provisions of chapter 54 of the general statutes, to implement the provisions of this section. Such regulations shall include criteria for scholarship funds to qualify for contributions allowed a credit pursuant to this section.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
July 1, 2013, and applicable to income years commencing on or after January 1, 2013 |
New section |
Statement of Purpose:
To provide a credit for businesses donating more than twenty-five hundred dollars to scholarships that help Connecticut students attend manufacturing training programs in the state.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]