Raised Bill No. 379 proposes amendments to Section 12-217ee of the general statutes, effective July 1, 2024. The bill introduces changes that would allow qualified small businesses that qualify for a credit under section 12-217j or section 12-217n, and cannot take such credit due to having no tax liability, to exchange the credit with the state for a refund. The refund value for such credits is currently set at sixty-five percent of the credit's value. However, the bill proposes an insertion that would allow biotechnology companies to receive a credit refund equal to one hundred percent of the credit's value.

Further provisions in the bill include the clarification of the refund process, the conditions under which the refund is limited, and the circumstances that may lead to the disallowance of a credit refund. The bill also defines a "qualified small business" as a company with gross income not exceeding seventy million dollars and specifies that a "biotechnology company" is as defined in subsection (b) of section 12-217j. The bill includes insertions to renumber items within the statute and to clarify the language, such as changing "a taxable year" to "an income year." The bill is referred to the Committee on COMMERCE and is introduced by the CE (Commerce Committee).

Statutes affected:
Raised Bill: 12-217ee
CE Joint Favorable Change of Reference: 12-217ee