LCO No. 218 1 of 1
General Assembly Proposed Bill No. 101
January Session, 2025
LCO No. 218
Referred to Committee on FINANCE, REVENUE AND
BONDING
Introduced by:
SEN. CICARELLA, 34th Dist.
AN ACT CONCERNING THE TAX CREDIT FOR MACHINERY AND
EQUIPMENT.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
That section 12-217o of the general statutes be amended to replace the 1
current tax credit for machinery and equipment with a tax credit for fifty 2
per cent of the amount spent by a corporation, regardless of the number 3
of employees, on machinery and equipment acquired for and installed 4
in a facility in this state, provided such machinery or equipment is used 5
in such facility for a minimum of five years after installation and 6
provided further the full amount of the tax credit shall be repaid by the 7
corporation if the five-year minimum use is not met. 8
Statement of Purpose:
To replace the current tax credit for machinery and equipment with a
tax credit for fifty per cent of the amount spent by a corporation on
machinery and equipment acquired for and installed in a facility in this
state and including a five-year minimum use and recapture provision.