Connecticut 2013 Regular Session

Connecticut House Bill HB05774 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	General Assembly Substitute Bill No. 5774
2		-	January Session, 2013 _____HB05774KID___031213____
	1	+	General Assembly Committee Bill No. 5774
	2	+	January Session, 2013 LCO No. 4363
	3	+	04363HB05774KID
	4	+	Referred to Committee on CHILDREN
	5	+	Introduced by:
	6	+	(KID)
3	7
4	8		General Assembly
5	9
6		-	~~Substitute~~ Bill No. 5774
	10	+	Committee Bill No. 5774
7	11
8	12		January Session, 2013
9	13
10		-	_____HB05774KID___031213____
	14	+	LCO No. 4363
	15	+
	16	+	04363HB05774KID
	17	+
	18	+	Referred to Committee on CHILDREN
	19	+
	20	+	Introduced by:
	21	+
	22	+	(KID)
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12	24		AN ACT ESTABLISHING A TAX CREDIT FOR SUPPORT OF EXTENDED LEARNING OPPORTUNITY PROGRAMS.
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14	26		Be it enacted by the Senate and House of Representatives in General Assembly convened:
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16	28		Section 1. (NEW) (Effective July 1, 2013, and applicable to income years commencing on or after January 1, 2013) (a) As used in this section:
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18	30		(1) "Taxpayer" means a person or business entity subject to tax under chapter 207, 208, 212 or 229 of the general statutes;
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20	32		(2) "Income year" means, with respect to a person or business entity subject to the insurance premiums tax under chapter 207 of the general statutes, the corporation business tax under chapter 208 of the general statutes, the utility companies tax under chapter 212 of the general statutes or the income tax under chapter 229 of the general statutes, the income year as determined under each of said chapters, as the case may be; and
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22	34		(3) "Extended learning opportunity program" means an extracurricular learning program sanctioned by a local or regional board of education pursuant to section 10-15 of the general statutes that provides academic, artistic, athletic or social education to students beyond normal school hours.
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24	36		(b) (1) There is established an extended learning opportunity tax credit program whereby a taxpayer may be allowed a credit against the tax imposed under chapter 207, 208, 212 or 229 of the general statutes, other than the liability imposed by section 12-707 of the general statutes.
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26	38		(2) The tax credit shall be in an amount equal to one hundred per cent of the amount donated by such taxpayer to an extended learning opportunity program, provided (A) the credit shall not exceed fifty thousand dollars for any taxpayer, and (B) the total amount of credits granted to all taxpayers under this section shall not exceed two million dollars in any one fiscal year.
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28	40		(3) The taxpayer shall claim the credit in the income year in which it is earned. Any credit not claimed by the taxpayer in an income year shall expire and shall not be refundable.
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30	42		(c) If the taxpayer is an S corporation or an entity treated as a partnership for federal income tax purposes, the tax credit may be claimed by the shareholders or partners of such taxpayer. If the taxpayer is a single member limited liability company that is disregarded as an entity separate from its owner, the tax credit may be claimed by the limited liability company's owner.
31	43
32		-	(d) For tax credits claimed against the liability imposed by chapter 229 of the general statutes, the amount of the tax credit allowed by this section shall not exceed the amount of tax due from the taxpayer under said chapter, other than section 12-~~707~~ of the general statutes.
	44	+	(d) For tax credits claimed against the liability imposed by chapter 229 of the general statutes, the amount of the tax credit allowed by this section shall not exceed the amount of tax due from the taxpayer under said chapter, other than section 12-207 of the general statutes.
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37	49		This act shall take effect as follows and shall amend the following sections:
38	50		Section 1 July 1, 2013, and applicable to income years commencing on or after January 1, 2013 New section
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40	52		This act shall take effect as follows and shall amend the following sections:
41	53
42	54		Section 1
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44	56		July 1, 2013, and applicable to income years commencing on or after January 1, 2013
45	57
46	58		New section
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48		-	Statement of ~~Legislative Commissioners~~:
	60	+	Statement of Purpose:
49	61
50		-	In section 1(d) the reference to section 12-207 was changed to 12-707 for accuracy.
	62	+	To provide a tax credit to businesses and individuals that donate to entities providing extended learning opportunities to students.
	63	+
	64	+	[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.]
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52	66
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54		-	~~KID Joint Favorable Subst~~. ~~-LCO~~
	68	+	Co-Sponsors: REP. CAFERO, 142nd Dist.
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56		-	~~KID~~
	70	+	Co-Sponsors:
57	71
58		-	Joint Favorable Subst. -LCO
	72	+	REP. CAFERO, 142nd Dist.
	73	+
	74	+	H.B. 5774