Bill Text: CT HB05134 | 2018 | General Assembly | Comm Sub

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Bill Title: An Act Establishing A Tax Credit For Certain Employers That Provide Paid Family And Medical Leave Benefits.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2018-04-03 - Referred to Joint Committee on Finance, Revenue and Bonding [HB05134 Detail]

Download: Connecticut-2018-HB05134-Comm_Sub.html

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General Assembly		Committee Bill No. 5134
February Session, 2018		LCO No. 3249
		*03249HB05134FIN*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)

AN ACT ESTABLISHING A TAX CREDIT FOR CERTAIN EMPLOYERS THAT PROVIDE PAID FAMILY AND MEDICAL LEAVE BENEFITS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective January 1, 2019, and applicable to income or taxable years commencing on or after January 1, 2019) (a) Any employer that employs fifty or fewer employees in the state and provides to its employees paid family and medical leave benefits for approved leave pursuant to the provisions of the federal Family and Medical Leave Act of 1993 and the regulations promulgated pursuant to said act or pursuant to sections 31-51kk to 31-51qq, inclusive, of the general statutes may claim a credit against the tax imposed under chapter 208 or 229 of the general statutes, as applicable. The credit shall be equal to fifty per cent of the gross amount of wages or compensation such employer paid to an employee or employees for such approved leave during the income or taxable year, as applicable, for which the employer is claiming the credit. The credit may not be claimed in any other income or taxable year. As used in this section, "employer" does not include the state or any political subdivision thereof.

(b) Any such employer may apply to the Commissioner of Revenue Services to reserve a credit under this section in the amount indicated by such employer. The aggregate amount of all credits under subsection (a) of this section shall not exceed two million five hundred thousand dollars annually for the fiscal year commencing July 1, 2019, and for each fiscal year thereafter. The amount of the credit allowed to any employer pursuant to this section shall not exceed the amount of tax due from such employer under chapter 208 or 229 of the general statutes, as applicable.

(c) An employer that reserves or claims a credit under this section shall provide any documentation required by the commissioner in a form and manner prescribed by said commissioner.

This act shall take effect as follows and shall amend the following sections:
Section 1	January 1, 2019, and applicable to income or taxable years commencing on or after January 1, 2019	New section

Statement of Purpose:

To establish a tax credit for certain employers that provide paid family and medical leave benefits to their employees.

[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.]

Co-Sponsors:

REP. KLARIDES, 114th Dist.; REP. CANDELORA, 86th Dist. REP. O'DEA, 125th Dist.; REP. O'NEILL, 69th Dist. REP. KLARIDES-DITRIA, 105th Dist.

H.B. 5134