The proposed General Assembly Raised Bill No. 7268 seeks to establish a new JobsCT tax rebate program aimed at incentivizing job creation in Connecticut. The bill repeals Section 32-7t of the general statutes and introduces new definitions, such as "qualified business" and "new FTEs," which refer to specific industries and full-time equivalent positions created after the rebate application. The eligibility criteria for businesses applying for the rebate are clarified, requiring them to demonstrate potential job growth and economic benefits. The bill also modifies existing legal language by deleting references to specific tax chapters and inserting provisions that allow qualified businesses to receive tax rebates as credits against taxes imposed under chapters 208 or 228z, or as offsets against chapter 207 taxes.

Additionally, the bill outlines a revised approval and rebate process, granting the commissioner of Economic and Community Development the authority to approve applications and requiring detailed information from businesses about their job creation plans. The rebate structure is adjusted to allow businesses to receive rebates based on the number of new FTEs created, with specific percentages for opportunity zones and distressed municipalities. The bill also introduces a cap on the total rebate amount and mandates that businesses maintain a minimum number of new FTEs prior to claiming the rebate. Furthermore, it establishes reporting requirements for approved businesses and aims to reduce the number of new FTEs required for smaller businesses to qualify for the rebate, with the act set to take effect on October 1, 2025.

Statutes affected:
Raised Bill: 32-7t