January 24, 2013 |
2013-R-0056 | |
OLR BACKGROUNDER: GUIDE TO CONNECTICUT'S BUSINESS TAX CREDITS | ||
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By: John Rappa, Chief Analyst | ||
This report updates OLR Report 2011-R-0007 to include changes made during the 2011 and 2012 regular and special sessions.
USING THE GUIDE
Connecticut offers over 30 tax credits for actions ranging from donating money to affordable housing programs to investing in fledgling high technology businesses. Some apply to money or assets businesses donate for public or charitable purposes, such as the Neighborhood Assistance tax credit. Most credits apply to one or more business taxes; a few apply to the personal income tax.
We grouped the credits by purpose and summarized them in tables for each group. The report's table of contents is linked to each table and to each credit program.
Table of Contents
Table 1: Fixed Capital Investments 4
● Machinery and Equipment
● Electronic Data Processing
● Fixed Capital Investments
● Small Business Guaranty Fee
Table 2: Contributions and Donations 5
● Computer Donations to Public and Private Schools
● Land Donations
● Land Donations for Educational Uses
● Neighborhood Assistance Act
Table 3: Energy Conservation and Environmental Protection 6
● Traffic Reduction
● Green Buildings
● Neighborhood Assistance Act, Energy Conservation
Table 4: Human Capital Investment 7
● Apprenticeship Training
● Human Capital Investments
● Hiring Incentive for Temporary Family Assistance Program Participants
● Displaced Workers Hired by Electric Suppliers
● Hiring Displaced Workers
● Creating New Jobs
● Small Businesses New Jobs Creation
● Vocational Rehabilitation Job Creation
● Job Expansion
● Neighborhood Assistance Act, Day Care and Job Training
Table 5: Real Estate Development 10
● Contributions to Low- and Moderate-Income Housing Programs
● Historic Homes Rehabilitation
● Converting Historic Business Property to Residential Uses
● Rehabilitating Historic Business Property for Mixed Residential and Commercial Use
● Urban and Industrial Sites Reinvestment
Table 6: Research and Development 12
● Research and Development Grants to Colleges and Universities
● Incremental Research and Development Expenditures
● Research and Development Expenditures
Table 7: Targeted Area Development 13
● Developing Manufacturing Facilities and Specified Service Facilities in Enterprise Zones, Enterprise Corridor Zones, Targeted Investment Communities, Railroad Depot Zones, Qualified Manufacturing Plants, Airport Development Zones, and Bioscience Enterprise Corridor Zone
● Developing Service Facilities in Targeted Investment Communities
● Developing Entertainment Facilities in Municipalities with Entertainment Districts
● Research and Development by Businesses Located in Enterprise Zones
● Starting Corporations in Enterprise Zones
Table 8: Targeted Industries Development 15
● Financial Institutions
● Film Production
● Film Production Infrastructure
● Digital Animation Production
Table 9: Venture Capital Investments 17
● Insurance Reinvestment
● Angel Investments
Table 1: Fixed Capital Investments
Tax Credit Program and Year Enacted |
Applicable Taxes |
Eligibility Criteria |
Credit Limits |
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(CGS § 12-217o; 1993) |
Corporation |
Businesses qualify if the expenditure for machinery and equipment used in Connecticut exceeds the prior year's expenditure for machinery and equipment used in Connecticut |
Credit amount depends on the number of employees: ● 10% for businesses with 250 or fewer employees ● 5% for businesses with between 251 and 799 employees |
Electronic Data Processing Equipment (CGS § 12-217t; 1994) |
● Corporation ● Unrelated Business Income ● Air Carrier ● Railroad Company ● Community Antenna and Satellite TV Companies ● Utility Companies ● Insurance Companies, Hospitals, and Medical Services Corporations |
Businesses paying property taxes on computers, printers, peripheral computer equipment, bundled software, and similar equipment |
Credit equals 100% of property tax paid on electronic data processing equipment |
|
(CGS § 12-217w;1997) |
Corporation |
Tangible property must: ● be acquired from an unrelated person for use by the business ● have a class life of more than four years ● not be leased during first 12 months after acquisition ● be held or used in Connecticut for at least five years after acquisition |
5% of fixed capital costs incurred during income year |
Small Business Guaranty Fee (CGS § 12-217cc;1999; sunsets December 31, 2013) |
Corporation |
Businesses with gross annual revenues under $5 million receiving SBA-guaranteed bank loans |
● 100% credit for fee paid to SBA for the loan guarantee (fees vary depending on loan amount) ● Up to four-year carry-forward for unused credits |
Table 2: Contributions and Donations
Tax Credit Program and Year Enacted |
Applicable Taxes |
Eligibility Criteria |
Credit Limits |
Computer Donations to Public and Private Schools (CGS § 12-228b; 2000; sunsets December 31, 2013) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna and Satellite TV Companies ● Utility Companies |
Donation of new or less than two-year old computers Businesses must apply to revenue services commissioners for credits |
● Total credits available to businesses limited to $1 million annually ● Credit equals 50% of donated equipment's fair market value, up to $75,000 annually ● Credit applies only against taxes owned for the year when computers were donated |
|
(CGS § 12-217dd; 1999) |
Corporation |
Open space land: ● donated to state, municipality, water company, or nonprofit land conservation organization and ● permanently preserved as open space or used as public water supply |
● Credit equals 50% of: ○ donated land's fair market value or ○ value of discounted sales price or interest in land ● Unused credits may be carried forward for up to 25 years |
Land Donations for Educational Uses (CGS § 12-217ff; 2004) |
Corporation |
Land donated to a municipality or political subdivision for educational uses |
● Credit equals 50% of: ○ donated land's fair market value or ○ value of discounted sales price or interest in land ● Unused credits may be carried forward for up to 15 years |
Neighborhood Assistance Act (CGS §§ 12-630aa et seq.; 1982) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna and Satellite TV Companies ● Utility Companies ● Businesses subject to Business Entity Tax (e.g., S corporations)* |
Minimum $250 contribution toward municipally-approved community service program |
● Total credits for all projects capped at $5 million per year ● Credit equals100% credit for energy conservation programs; 60% for all other programs; in both cases, credit amount capped at $150,000 annually ● Unused credits may be carried backward for up to two years |
*PA 11-140 expanded the credits to these businesses but did not make corresponding technical changes to the statutory procedures for claiming the credit.
Table 3: Energy Conservation and Environmental Protection
Tax Credit Program and Year Enacted |
Applicable Taxes |
Eligibility Criteria |
Credit Limits |
Traffic Reduction (CGS § 12-217s; 1994) |
Corporation |
Businesses with over 100 employees participating in traffic reduction program |
● Total credits capped at $1.5 million ● Credit equals 50% of program participation costs, up to $250 per participating employee |
Green Buildings (CGS § 12-217mm; 2009) |
Corporation |
New or renovated buildings meeting or exceeding specific energy and environmental standards |
● Total credits capped at $25 million ● Credit amount: ○ equals 5% to 10.5% of allowable costs based on building type and standards met ○ additional 0.5% credit if building meets other specified criteria ● Businesses can claim only 25% of credit per year ● Credits may be assigned or transferred ● Unused credits may be carried forward for up to five years |
Neighborhood Assistance Act, Energy Conservation (CGS § 12-635;1982) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna and Satellite TV Companies ● Utility Companies ● Businesses subject to Business Entity Tax (e.g., S corporations)* |
Minimum $250 contribution toward municipally-approved community service program |
● 100% credit for energy conservation in properties: ○ where at least 75% of the occupants earn no more than 150% of the poverty level or ○ owned and occupied by charitable corporations, foundations, trusts or other entities ● Subject to same carry back and cap provisions applicable to other Neighborhood Assistance Act projects |
PA 11-140 expanded the credits to these businesses but did not make corresponding technical changes to the statutory procedures for claiming the credit.
Table 4: Human Capital Investment
Tax Credit Program and Year Enacted |
Applicable Taxes |
Eligibility Criteria |
Credit Limits |
Apprenticeship Training (CGS § 12-217g; 1979) |
Corporation |
● Hiring apprentices participating in state-approved manufacturing, plastics, and construction trades apprenticeship training programs ● For businesses hiring plastics trade apprentices, the number of apprentices hired must exceed the average number of such apprentices hired during the previous five years |
● For manufacturing or plastics trade apprenticeship, credit equals maximum $4,800 or 50% of actual wages paid during the first half of a two-year term apprenticeship or first three-quarters of a four-year apprenticeship, whichever is less ● For construction trade apprentices, maximum $4,000 or 50% of actual wages paid over first four income years, whichever is less |
Human Capital Investments (CGS § 12-217x;1997) |
Corporation |
Eligible investments: ● job training ● work education ● child care subsidies ● day care facilities ● donations to colleges and universities for technology ● contributions to Individual Development Account Reserve funds |
● Credit equals 5% of investment ● Unused credits carried forward for up to five years. |
Hiring Incentive for Temporary Family Assistance Program Participants (CGS § 12-217y; 1997) |
Corporation |
Business must hire people who: ● work at least 30 hours per week and ● have been receiving Temporary Family Assistance Program Benefits for at least nine months |
● Total $1 million per year cap ● Credit equals $125 per employee for each full month ● Unused credits may be carried forward for up to five years |
Displaced Workers Hired by Electric Suppliers (CGS § 12-217bb; 1998) |
Corporation |
● Businesses must hire workers who were displaced because of electrical industry restructuring ● Eligible workers do not include electric company or generation entity officers or directors |
Credit equals $1,500 per worker available in income year after worker completes first six months of full-time work. |
Hiring Displaced Workers (CGS § 12-217hh; 2006) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Utility Companies |
Any business hiring a worker who: ● lost his or her previous job because of a restructuring resulting in at least 10 layoffs and ● whose new wages are at least 75% of his or her prior wages |
$1,500 per displaced worker available in income year after worker completes first 12 months of full-time work with business claiming credit |
Creating New Jobs (CGS § 12-217ii; 2006; sunsets December 31, 2011) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Utility Companies |
Any business creating at least 10 new jobs, excluding temporary or seasonal jobs, filled by new employees required to work at least 35 hours per week |
● Total credits for these and the small business, vocational rehabilitation, and job expansion credits capped at $20 million per year ● Five-year credit up to 60% of the income tax deducted and withheld from new employee wages |
Small Business Creating Jobs (CGS § 12-217nn; 2010; sunsets December 31, 2012) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Personal Income |
● Businesses with fewer than 50 employees in Connecticut that create new jobs filled by Connecticut residents ● New employees must work at least 35 hours per week for at least 48 weeks per calendar year ● Credits available only for jobs created between May 6, 2010 and December 31, 2012 |
● Total credits for these and the job creation, vocational rehabilitation, job expansion credits capped at $20 million per year ● Three-year, $200 per month per new employee credit |
Vocational Rehabilitation Job Creation Tax Credit (CGS § 12-217oo; 2011; sunsets December 31, 2011) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Personal Income |
● Business hiring Connecticut residents receiving services from Department of Rehabilitation Services ● New employees must work at least 20 hours per week for at least 48 weeks per calendar year ● Credits available only for employees hired between May 6, 2010 and December 31, 2012 |
● Three-year, $200 per month per new employee ● Total credits for these and the job creation, small business job creation, and job expansion tax credits capped at $20 million per year |
Job Expansion Tax Credit Program (CGS § 12-217pp; 2011; sunsets December 31, 2013) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Utility Companies ● Corporation ● Personal Income |
● Business creating jobs between January 1, 2012 and December 31, 2013 ● Required number of jobs to be created depends on number of existing employees ● Minimum required hours depending on type of employee: ○ New employees must work at least 35 hours per week for at least 48 weeks per calendar year ○ Previously unemployed employees and those receiving services from the Departments of Rehabilitation Services or participating in Department of Social Services programs must work at least 20 hours per week for 48 weeks per calendar year (i.e., qualifying employees) |
● Total credits for these and the job creation, small business job creation, and vocational rehabilitation tax credits capped at $20 million per year ● Three-year credit: ○ $500 per new employee or ○ $900 per qualifying employee meeting specified criteria |
Neighborhood Assistance Act, Day Care and Job Training (CGS §§ 12-634 and 12-635; 1982) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna and Satellite TV Companies ● Utility Companies ● Businesses subject to Business Entity Tax * |
Minimum $250 contribution toward municipally-approved community service program |
● Credit equals 60% credit for contributions to: ○ daycare facilities used primarily by business' employees (capped at $50,000 per year per business) or ○ specified job training programs ● Credits subject to carry back and cap provisions applicable to other Neighborhood Assistance Act projects |
PA 11-140 expended the credits to these businesses but did not make corresponding technical changes to the statutory procedures for claiming the credit.
Table 5: Real Estate Development
Tax Credit Program and Year Enacted |
Applicable Taxes |
Eligibility Criteria |
Credit Limits |
Contributions to Low- and Moderate-Income Housing Programs (CGS § 8-395; 1987) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna and Satellite TV Companies ● Utility Companies |
Minimum $250 cash contribution to Connecticut Housing Finance Authority-approved housing programs managed by nonprofit organizations |
● Total credits capped at $10 million per year ● Total credit-eligible contributions per program capped at $500,000 per year per organization ● Unused credits may be carried forward or back for up to five years |
Historic Homes Rehabilitation (CGS § 10-416; 1999) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna and Satellite TV Companies ● Utility Companies |
● Qualified rehabilitation expenditure must exceed $25,000 ● Businesses contributing funds towards the rehabilitation qualify for credits if the individual or nonprofit organization that did the work designated them for the credits ● Property: ○ must be one- to four-unit dwelling ○ listed on the National or State Registry of Historic places or located in a historic district and contribute to its character ○ located in a targeted areas ○ occupied as owner's principal residence for at least five years |
● Total credits capped at $3 million per year ● Credit equals 30% of eligible construction costs, up to $30,000 per dwelling unit ● Unused credits may be carried forward up to four years |
Converting Historic Business Property to Residential Uses (CGS § 10-416a; 2006) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna and Satellite TV Companies ● Utility Companies |
● Qualified rehabilitation expenditures for converting historic business structures to residential use ● The following types of property listed on the national or state Register of Historic Places or located in an historic district on the national or state register: ○ commercial or industrial ○ cultural ○ institutional ○ government ○ residential with at least five units |
● Total credits capped at $15 million per year ● Credit equals 25% of qualified rehabilitation expenditures, up to $2.7 million ● Unused credits may be carried forward for up to five years |
Rehabilitating Historic Business Property for Mixed Residential and Commercial Use (CGS § 10-416b; 2007) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna and Satellite TV Companies ● Utility Companies |
● Rehabilitation of certified historic business property for mixed residential and nonresidential uses or residential uses ● The following types of property listed on the national or state Register of Historic Places or located in an historic district on the national or state register: ○ commercial or industrial ○ cultural ○ institutional ○ government ○ residential with at least five units |
● Total credits capped at $50 million per three-year cycle, beginning with FY 09-12 ● Credit equals 25% of qualified rehabilitation expenditures; 30% if project includes units affordable to low- and moderate-income people ● No project can receive more than 10% of credits ($5 million) available for the three-year cycle ● Unused credits may be carried forward up to five years |
Urban and Industrial Sites Reinvestment (CGS § 32-9t; 2000) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation ● Air Carrier ● Railroad Company ● Community Antenna ● Utility Companies and Satellite TV Companies ● Other specified business taxes |
● Businesses investing in projects developing or redeveloping property, including brownfields, that meet statutory criteria, including generating new tax revenue and other economic benefits ● Minimum asset value of each investment depends on whether taxpayers directly invest in a project or indirectly through a fund manager |
● Total credits available for all projects capped at $650 million ● Credit equals 100% of investment up to $100 million, spread out over 10 years: ○ 0% in first three years after investment was made ○ 10% per year in the next four years ○ and 20% in the remaining three years ● Credits may be assigned to other taxpayers ● Unused credits may be carried forward up to five years |
Table 6: Research and Development
Tax Credit Program and Year Enacted |
Applicable Taxes |
Eligibility Criteria |
Credit Limits |
Research and Development Grants to Colleges and Universities (CGS § 12-217l; 1992) |
Corporation |
● Grants to colleges and universities for technology-related R&D ● Grant amount must exceed the three-year average of prior R&D grants |
Credit equals 25% of the amount exceeding the three-year average for technology-related R&D grants to colleges and universities |
Incremental Research and Development Expenditures (CGS § 12-217j; 1992)* |
Corporation |
● Business must spend more on R&D than it did in prior year |
● Credit equals 20% of the amount spent on R&D over and above the amount spent during prior year ● Unused credits may be carried forward for up to 15 years |
Research and Development Expenditures (CGS § 12-217n; 1993)* |
Corporation |
● Credit available to any business spending on R&D ● Federally deductible R&D and basic research expenditures incurred in Connecticut |
Credit determined according to statutory formula: ● Amounts range from 1% for expenditures $50 million or less to 6% for expenditures over $200 million ● Only one-third of credit can be taken per year ● Unused credits may be carried forward until fully used |
* Small businesses with R&D credits they cannot claim may apply to the state for a refund equal to 65% of their value (CGS § 12-217ee).
Table 7: Targeted Area Development
Tax Credit Program and Year Enacted |
Applicable Taxes |
Eligibility Criteria |
Credit Limits |
Developing Manufacturing and Specified Service Facilities in Enterprise Zones (1981 and 1986, respectively), Enterprise Corridor Zones (1994), Targeted Investment Communities (1990), Railroad Depot Zones (1996), Qualified Manufacturing Plants (1996) Airport Development Zones (2010 and 2011), and Bioscience Enterprise Corridor Zones (2010) (CGS § 12-217e(a)) |
Corporation |
Credit available to businesses in designated zones that develop or acquire facilities and create jobs Facility must be: ● newly acquired, constructed, substantially renovated, or expanded ● used for manufacturing or specified financial services ● house new jobs |
10-year credit against tax allocable to facility: ● 25% or ● 50% if at least 150 of the new jobs or at least 30% of them go to zone or municipal residents who qualify for federal job training assistance |
Developing Service Facilities in Targeted Investment Communities (CGS § 12-217e (b), 1996) |
Corporation |
● Credit available to businesses that develop or acquire facilities and create jobs in municipalities with enterprise zones, but outside the zones. ● Facilities must house specified service firms, including business, financial, and health services; warehousing and motor freight; and fishing, hunting, and trapping. |
10-year credit based on the number of jobs created: ● 15%, 300-599 jobs ● 20%, 600-899 jobs ● 25%, 900-1,189 jobs ● 30%, 1,200-1,499 jobs ● 40%, 1,500-1,999 jobs ● 50%, 2,000 or more jobs |
Developing Entertainment Facilities in Municipalities with Entertainment Districts (CGS § 12-217e(a),1993) |
Corporation |
● Municipality must have designated an entertainment district (Option limited to municipalities with enterprise zones) ● Credit available to businesses that develop or acquire facilities and create jobs in or outside entertainment districts ● Facility must be used for producing entertainment products or as part of airing, displaying, or providing live entertainment for stage or broadcast |
Same as enterprise zone credits for manufacturers, but entertainment facility qualifies for credits regardless of whether it is located in the entertainment district |
Research and Development by Businesses Located in Enterprise Zones (CGS § 12-217n(c), 1999) |
Corporation |
Limited to businesses: ● headquartered in an enterprise zone, ● employing over 2,500 people, and ● annual revenues over $3 billion |
Greater of 3.5% of total R&D expenditure or the amount derived from the statutory two-step formula used by big businesses located outside enterprise zones |
Starting Corporations in Enterprise Zones (CGS § 12-217v, 1996) |
Corporation |
Corporation must be created in an enterprise zone and meet one of the following hiring goals: ● hire at least 375 people, at least 40% of whom reside in the municipality with the zone and that qualify for federal job training assistance ● hire at least 375 people, at least 150 of whom reside in the municipality with the zone or that qualify for federal job training assistance |
10-year credit: ● 100% for the first three years ● 50% of the next seven years |
Table 8: Targeted Industries Development
Tax Credit Program and Year Enacted |
Applicable Taxes |
Eligibility Criteria |
Credit Limits |
Financial Institutions (CGS § 12-217u and CGS § 32-236(b), 1994, sunsets December 31, 2013) |
Corporation |
Banks and financial institutions constructing minimum 900,000 square foot facilities and creating an average of 1,200 to 2,000 jobs in Connecticut over a maximum 15-year period |
● Maximum $145 million credit claimed over 15 years based on annual job levels ● For first 10 years maximum $120 million credit subject to the following limits: ○ 30% for each year business maintains at least 1,200 qualified jobs ○ 40% for each year business maintains at least 1,600 qualified jobs ○ 50% for each year business maintains at least 2,000 qualified jobs ● For next five years, 25% for each year business maintains at least 3,000 qualified jobs, but the total credit for the 15-year period cannot exceed $145 million |
Film Production (CGS § 12-217jj, 2006) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation |
● Production companies producing a qualified production must incur specified production expenses and costs in Connecticut and ○ conduct at least 50% of principal photograph days in Connecticut or ○ incur 50% or $1 million of post- production costs here ● Qualified production includes “relocated television productions”: ○ filming in qualified production facility ○ investing at least $25 million ○ creating at least 200 jobs |
● Three-tiered credits: ○ 10% for eligible expenditures between $100,000-$500,000 ○ 15% for eligible expenditures between $500,000 and $1 million ○ 30% for eligible expenditures over $1 million ● Credit certification for relocated television production companies is good for 10 years ● Credits are not refundable, but may be sold, transferred, or assigned up to three times ● Unused credits may be carried forward for up to three years |
Film Production Infrastructure (CGS § 12-217kk, 2007) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation |
Business must spend at least $3 million developing building, facilities, and installations needed for film and digital media production |
● 20% credit ● Infrastructure must be 100% completed before credit can be claimed ● Credits are not refundable, but may be sold, transferred, or assigned up to three times ● Unused credits may be carried forward for up to three years |
Digital Animation Production (CGS § 12-217ll, 2007) |
● Insurance Companies, Hospitals, and Medical Services Corporations ● Corporation |
● Business must incur eligible production expenses and costs in Connecticut ● Eligible costs and expenses include intellectual property, production equipment, and trailers |
● Total annual credits capped at $15 million ● Three-tiered credit: ○ 10% for expenditures between $100,000-$500,000 ○ 15% for expenditures between $500,000 and $1 million ○ 30% for expenditures over $1 million ● Credits are not refundable, but may be sold, transferred, or assigned up to three times ● Unused credits may be carried forward for up to three years |
Table 9: Venture Capital Investments
Tax Credit Program and Year Enacted |
Applicable Taxes |
Eligibility Criteria |
Credit Limits |
Insurance Reinvestment (CGS § 38a-88a, 1994) |
Insurance Companies, Hospitals, and Medical Services Corporations |
● Insurance companies investing cash in state-certified “insurance reinvestment funds” ● Funds must invest the cash only in eligible Connecticut-based businesses and meet other investment requirements |
● 100% of cash investment claimed over 10 years, beginning in the fourth year after investment was made: ○ 10% per year in years four through seven ○ 20% per year in last eight through 10 ● Unused credits may be carried forward up to five years |
Angel Investment (CGS § 12-704d, 2010; no new credits may be allocated after June 30, 2014) |
Personal Income Tax |
Minimum $25,000 investments in start-up technology-based businesses operating in Connecticut |
● Total annual credits capped at $6 million per year in FY 11-13 and $3 million in FY 14 ● Credit equals 25% of cash investment up to $250,000 |