In an attempt to introduce local business owners to a host of new jobs programs put in place during the October 2011 Special Session of the CT General Assembly, State Representative Dave Yaccarino (R-North Haven) and State Senator Len Fasano (R-34) will hot an informational session this Wednesday at the library from 5:00 p.m. to 6:30 p.m.
House Bill Number 6801, titled "An Act Promoting Economic Growth and Job Creation in the State", was signed by Governor Malloy on October 27.
The new law outlines a series of tax incentives, credits, and provisions intended to foster a stronger business community in the state.
Some key components of the bill are as follows:
- New Job Expansion Tax Credit: An incentive to hire CT workers, this measure provides a tax credit of between $500 and $900-per new employee to state businesses. In order to be eligible, businesses with less than fifty employees must hire at least one additional person, businesses with between fifty and 100 employees must hire at least five, and businesses with over 100 employees must hire at least ten. The credit can be claimed for jobs created between January 1, 2012 and January 1, 2014.
- Business Entity Tax Relief: Starting January 1, 2013, the $250 Business Entity Tax—pertaining to limited liability companies, limited liability partnerships, limited partnerships, and S corporations operating in in-state—will be due every other year, as opposed to annually.
- Reduced Threshold for Angel Investor Tax Credit: Investors in technology start-ups in CT will be eligible for the state's existing angel investor income tax credit after putting only $25,000 into a fledgling company. Previously, an investor would need to sink $100,000 into a new business in order to be eligible.
Other aspects of the new bill include a tax credit on in-state film production, incentives for development in airport areas, and relief for businesses involved in urban development.
A full write-up of the new law's provisions can be read here, or downloaded as a PDF from this article.
Which of the new credits are you most excited about?