Connecticut House Bill HB05411

Connecticut 2019 Regular Session

• Introduced: 1/16/19
• Refer: 1/16/19

Caption

An Act Reestablishing The Job Expansion Tax Credit And Program.

Impact

The proposed legislation is designed to amend existing state law, specifically Section 12-217pp of the general statutes, to bring the job expansion tax credit back into effect. The intention is to create a framework that incentivizes businesses to hire more employees, which could lead to reduced unemployment rates and increased spending within the state. The success of such a program would likely depend on the criteria established for eligibility, as well as the actual implementation and enforcement of the credit principles within businesses.

Summary

House Bill 5411, known as the Act Reestablishing The Job Expansion Tax Credit And Program, seeks to reinstate a program that provides tax credits for businesses that expand their workforce. This initiative aims to encourage job creation and stimulate economic growth within the state. The reestablishment of this credit and program is positioned as a vital step towards fostering a more robust economic environment and supporting local businesses struggling to recover or grow in the current economic landscape.

Contention

However, there may be points of contention surrounding this bill. Critics might argue that tax credits do not always guarantee job creation and could lead to unintended fiscal consequences for the state budget. Additionally, discussions could arise regarding the fairness of tax breaks favoring larger businesses over small enterprises struggling to compete. The effectiveness of the job expansion credit and its potential impact on economic inequality within the workforce may also be areas of debate among legislators and stakeholders.