Connecticut 2017 Regular Session

Connecticut Senate Bill SB01012 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	General Assembly Raised Bill No. 1012
2	2	January Session, 2017 LCO No. 4319
3	3	04319_______FIN
4	4	Referred to Committee on FINANCE, REVENUE AND BONDING
5	5	Introduced by:
6	6	(FIN)
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8	8	General Assembly
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10	10	Raised Bill No. 1012
11	11
12	12	January Session, 2017
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14	14	LCO No. 4319
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16	16	04319_______FIN
17	17
18	18	Referred to Committee on FINANCE, REVENUE AND BONDING
19	19
20	20	Introduced by:
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22	22	(FIN)
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24	24	AN ACT CONCERNING THE NEIGHBORHOOD ASSISTANCE TAX CREDIT.
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26	26	Be it enacted by the Senate and House of Representatives in General Assembly convened:
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28	28	Section 1. Section 12-635 of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2017, and applicable to income years commencing on or after January 1, 2017):
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30	30	The Commissioner of Revenue Services shall grant a credit against any tax due under the provisions of chapter 207, 208, 209, 210, 211 or 212: (1) In an amount not to exceed one hundred per cent of the total cash amount invested during the taxable year by the business firm in programs operated or created pursuant to proposals approved pursuant to section 12-632 for energy conservation projects directed toward properties occupied by persons, at least seventy-five per cent of whom are at an income level not exceeding one hundred fifty per cent of the poverty level for the year next preceding the year during which such tax credit is to be granted; (2) in an amount equal to one hundred per cent of the total cash amount invested during the taxable year by the business firm in programs operated or created pursuant to proposals approved pursuant to section 12-632 for energy conservation projects at properties owned or occupied by charitable corporations, foundations, trusts or other entities as determined under regulations adopted pursuant to this chapter; (3) in an amount equal to one hundred per cent of the total cash amount invested during the taxable year by the business firm in a comprehensive college access loan forgiveness program located in an "educational reform district" as defined in section 10-262u, that has established minimum eligibility criteria including, but not limited to, years of enrollment in the educational reform district, grade point average, attendance record and loan forgiveness prerequisite; [or] (4) in an amount not to exceed sixty per cent of the total cash amount invested during the taxable year by the business firm (A) in employment and training programs directed at youths, at least seventy-five per cent of whom are at an income level not exceeding one hundred fifty per cent of the poverty level for the year next preceding the year during which such tax credit is to be granted, [;] (B) in employment and training programs directed at handicapped persons as determined under regulations adopted pursuant to this chapter, [;] (C) in employment and training programs for unemployed workers who are fifty years of age or older, [;] (D) in education and employment training programs for recipients in the temporary family assistance program, [;] or (E) in child care services; [. Any other program which] or (5) in an amount equal to sixty per cent of the total cash amount invested during the taxable year by the business firm in any other program that serves persons at least seventy-five per cent of whom are at an income level not exceeding one hundred fifty per cent of the poverty level for the year next preceding the year during which such tax credit is to be granted, [and which] including, but not limited to, a program to provide educational scholarships to children who are residents of the state and who attend accredited private nonprofit schools located in the state for grades kindergarten to twelve, inclusive, provided any such program meets the standards for eligibility under this chapter. [shall be eligible for a tax credit under this section in an amount equal to sixty per cent of the total cash invested by the business firm in such program.]
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35	35	This act shall take effect as follows and shall amend the following sections:
36	36	Section 1 January 1, 2017, and applicable to income years commencing on or after January 1, 2017 12-635
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38	38	This act shall take effect as follows and shall amend the following sections:
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40	40	Section 1
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42	42	January 1, 2017, and applicable to income years commencing on or after January 1, 2017
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44	44	12-635
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46	46	Statement of Purpose:
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48	48	To expand the tax credit allowable under the Neighborhood Assistance Act to include scholarships for admission to certain private, nonprofit schools for grades kindergarten to twelve.
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50	50	[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.]