Senate Bill No. 1027, Public Act No. 23-96, amends Section 32-7t of the general statutes to refine the JobsCT tax rebate program, with changes including the replacement of "business'" with "qualified business's" and "contract executed" with "rebate allocation notice issued." The bill clarifies eligibility criteria for tax rebates, defining terms such as "Discretionary FTE," "Distressed municipality," and "Qualified FTE," and outlines the application process, the commissioner's role, and conditions for discretionary FTE approval. It also details the calculation of FTEs, the criteria for rebate eligibility, and the conditions for maintaining and reporting new FTEs, with provisions to prevent exceeding a fiscal rebate cap of forty million dollars.

Additionally, the bill repeals and replaces Section 32-4p, focusing on aerospace manufacturing projects. It defines relevant terms, sets forth project requirements including employment levels and capital expenditures, and outlines the process for eligible taxpayers to apply for certification. The bill allows for sales and use tax offsets and refundable tax credits for eligible taxpayers, subject to meeting minimum requirements and maintaining certain commitments. It also specifies the earning and utilization of project tax benefits, the conditions for recapture of benefits if minimum requirements are not met, and the job requirements for taxpayers with U.S. government helicopter program contracts, including the repayment of benefits if job targets are not achieved. The bill includes a cap on project tax benefits and allows for the revision of assistance agreement terms under certain conditions, with a notable change in the utilization period for project tax benefits.

Statutes affected:
Raised Bill: 32-7t, 32-4p
CE Joint Favorable Change of Reference: 32-7t, 32-4p
FIN Joint Favorable: 32-7t, 32-4p
File No. 673: 32-7t, 32-4p
Public Act No. 23-96: 32-7t, 32-4p