Connecticut Senate Bill SB00072

Connecticut 2010 Regular Session

• Introduced: 2/9/10
• Refer: 2/9/10

Caption

An Act Concerning An Expansion Of The Jobs Creation Tax Credit Program.

Impact

If enacted, SB00072 is expected to positively influence the economic landscape by encouraging businesses to create more jobs. The automatic credit deductible against either corporate or personal income tax could incentivize small and large firms alike to expand their workforce, which may contribute to an overall reduction in unemployment levels. This expansion of the job credit program highlights a commitment to fostering a business-friendly environment, potentially boosting state revenues through increased economic activity.

Summary

SB00072, introduced by Senator Debicella, aims to expand the Jobs Creation Tax Credit Program in the state. The bill proposes that any new net job created by a company in the state would qualify for tax credits, defined explicitly as jobs that are neither part of reductions in workforce nor replacements for eliminated positions. It establishes that documentation through federal tax forms is necessary for companies to obtain this credit, thus ensuring accountability and traceability of the jobs created.

Contention

Despite its potential benefits, the bill could face critique amid concerns regarding its implementation and efficacy. Critics may argue that without stringent oversight and clear metrics for assessing job creation, the tax credits could be exploited by companies, leading to unjust fiscal advantages without corresponding job growth. Detractors might question whether the expanded tax credit adequately aligns with broader economic goals or if it disproportionately favors certain industries, raising discussions about fairness and transparency in tax policy.