Bill Text: CT SB00336 | 2016 | General Assembly | Comm Sub
Bill Title: An Act Concerning The Neighborhood Assistance Tax Credit.
Spectrum: Committee Bill
Status: (Engrossed - Dead) 2016-05-02 - House Calendar Number 569 [SB00336 Detail]
Download: Connecticut-2016-SB00336-Comm_Sub.html
General Assembly |
Substitute Bill No. 336 | |
February Session, 2016 |
*_____SB00336FIN___032916____* |
AN ACT CONCERNING THE NEIGHBORHOOD ASSISTANCE TAX CREDIT.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 12-635 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2017, and applicable to income years commencing on or after January 1, 2017):
The Commissioner of Revenue Services shall grant a credit against any tax due under the provisions of chapter 207, 208, 209, 210, 211 or 212: (1) In an amount not to exceed one hundred per cent of the total cash amount invested during the taxable year by the business firm in programs operated or created pursuant to proposals approved pursuant to section 12-632 for energy conservation projects directed toward properties occupied by persons, at least seventy-five per cent of whom are at an income level not exceeding one hundred fifty per cent of the poverty level for the year next preceding the year during which such tax credit is to be granted; (2) in an amount equal to one hundred per cent of the total cash amount invested during the taxable year by the business firm in programs operated or created pursuant to proposals approved pursuant to section 12-632 for energy conservation projects at properties owned or occupied by charitable corporations, foundations, trusts or other entities as determined under regulations adopted pursuant to this chapter; (3) in an amount equal to one hundred per cent of the total cash amount invested during the taxable year by the business firm in a comprehensive college access loan forgiveness program located in an "educational reform district" as defined in section 10-262u, that has established minimum eligibility criteria including, but not limited to, years of enrollment in the educational reform district, grade point average, attendance record and loan forgiveness prerequisite; [or] (4) in an amount not to exceed sixty per cent of the total cash amount invested during the taxable year by the business firm (A) in employment and training programs directed at youths, at least seventy-five per cent of whom are at an income level not exceeding one hundred fifty per cent of the poverty level for the year next preceding the year during which such tax credit is to be granted; (B) in employment and training programs directed at handicapped persons as determined under regulations adopted pursuant to this chapter; (C) in employment and training programs for unemployed workers who are fifty years of age or older; (D) in education and employment training programs for recipients in the temporary family assistance program; or (E) in child care services; [. Any other program] or (5) in an amount equal to sixty per cent of the total cash invested by the business firm in any other program which serves persons, at least seventy-five per cent of whom are at an income level not exceeding one hundred fifty per cent of the poverty level for the year next preceding the year during which such tax credit is to be granted, [and which] including, but not limited to, a program to provide educational scholarships to children who are residents of the state and who attend accredited private, nonprofit schools located in the state for grades kindergarten to twelve, inclusive, and provided any such program meets the standards for eligibility under this chapter. [shall be eligible for a tax credit under this section in an amount equal to sixty per cent of the total cash invested by the business firm in such program.]
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
January 1, 2017, and applicable to income years commencing on or after January 1, 2017 |
12-635 |
Statement of Legislative Commissioners:
In the effective date of Section 1, "of corporations" was deleted for consistency with standard drafting conventions, and in Section 1(5), provisions were reorganized for clarity.
FIN |
Joint Favorable Subst. -LCO |