General Assembly Raised Bill No. 1076
January Session, 2015 LCO No. 4175
*04175_______FIN*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)
General Assembly
Raised Bill No. 1076
January Session, 2015
LCO No. 4175
*04175_______FIN*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)
AN ACT INCREASING THE ANNUAL CAP UNDER THE NEIGHBORHOOD ASSISTANCE ACT TAX CREDIT PROGRAM.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Subsection (i) of section 12-632 of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2015):
(i) In no event shall the total amount of all tax credits allowed to all business firms pursuant to the provisions of this chapter exceed [five] ten million dollars in any one fiscal year. Three million dollars of the total amount of tax credits allowed shall be granted to business firms eligible for tax credits pursuant to section 12-635.
This act shall take effect as follows and shall amend the following sections:
Section 1 July 1, 2015 12-632(i)
This act shall take effect as follows and shall amend the following sections:
Section 1
July 1, 2015
12-632(i)
Statement of Purpose:
To increase the cap on tax credits under the R.E. Van Norstrand Neighborhood Assistance Act in any one fiscal year from five million dollars to ten million dollars.
[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.]