An Act Establishing A Tax Credit For Businesses That Hire Formerly Incarcerated Individuals.
Impact
The bill establishes a structured framework which requires businesses to create a specific number of new jobs to be eligible for the tax credit. Smaller businesses employing fewer than fifty workers must create at least three new jobs, while larger businesses must create five or more based on their workforce size. This stipulation is meant to ensure that the benefits of the tax credit are directed towards businesses genuinely expanding their workforce and contributing to job growth within their communities.
Summary
SB00167 proposes a tax credit for businesses that hire formerly incarcerated individuals. The bill aims to encourage employment opportunities for this demographic, which can often face significant barriers when re-entering the workforce. Specifically, the tax credit is set at nine hundred dollars per month for each new qualifying employee and applies to those hired between October 1, 2020, and October 1, 2022. The legislation is designed to incentivize businesses to create new full-time jobs, thereby contributing to economic development and reducing recidivism rates by promoting workplace reintegration.
Contention
While the intention behind SB00167 is generally seen as positive, there was some discussion surrounding potential contention points. Critics may express concerns that this tax incentive disproportionately favors certain businesses over others, or that it might not sufficiently address the broader structural barriers faced by formerly incarcerated individuals in the job market. Further, stakeholders might debate the adequacy of funding for the tax credit, as the total amount granted is capped at three million dollars per fiscal year.
An Act Concerning The Department Of Economic And Community Development's Recommendations For Revisions To The Jobsct Program And The Commerce And Related Statutes.
An Act Concerning Consumer Credit, Certain Bank Real Estate Improvements, The Connecticut Uniform Securities Act, Shared Appreciation Agreements, Innovation Banks, The Community Bank And Community Credit Union Program And Technical Revisions To The Banking Statutes.
An Act Concerning Motor Vehicle Assessments For Property Taxation, Innovation Banks, The Interest On Certain Tax Underpayments, The Assessment On Insurers, School Building Projects, The South Central Connecticut Regional Water Authority Charter And Certain State Historic Preservation Officer Procedures.
An Act Authorizing And Adjusting Bonds Of The State And Concerning Provisions Related To State And Municipal Tax Administration, General Government And School Building Projects.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.
Resolution Granting The Claims Commissioner An Extension Of Time To Dispose Of Certain Claims Against The State Pursuant To Chapter 53 Of The General Statutes.