Connecticut House Bill HB05082

Connecticut 2010 Regular Session

• Introduced: 2/9/10
• Refer: 2/9/10

Caption

An Act Concerning The Jobs Creation Tax Credit Program.

Impact

If enacted, this bill could significantly affect state laws governing employment incentives and tax credits. By modifying the criteria for eligibility, the bill would enable a broader range of businesses to benefit from tax reductions aimed at promoting job creation. This shift not only supports small-scale employers but also aligns with broader state efforts to revitalize local economies by encouraging business development and expansion, particularly in areas with higher unemployment rates.

Summary

House Bill 05082 proposes amendments to the Jobs Creation Tax Credit Program in the state. The fundamental change suggested by the bill is the reduction of the threshold for eligibility for the tax credit from creating ten new jobs to just one new job. This is aimed at making it easier for smaller businesses and startups to qualify for tax credits, thereby fostering an environment conducive to job creation and economic growth. The bill is introduced with the intent to stimulate the job market by lowering barriers for companies to receive financial incentives through tax credits.

Contention

Notable points of contention surrounding HB05082 involve debates about the effectiveness and sustainability of reducing tax credit requirements. Critics argue that while the intention of the legislation is commendable, merely lowering job creation thresholds may not yield substantial economic benefits and could lead to abuse of the program by businesses that create jobs only temporarily. Supporters counter that the bill is a necessary step towards inclusivity in economic incentives, allowing even micro and small businesses to thrive by facilitating access to financial support.