The proposed bill, General Assembly Proposed Bill No. 5008, aims to amend title 12 of the general statutes to establish a tax credit specifically for small businesses. This tax credit is defined as two thousand eighty dollars per full-time equivalent employee, aligning with the definition of small businesses set by the United States Small Business Administration.

The intent of this legislation is to provide financial relief and support to small businesses, encouraging their growth and sustainability within the state. By offering this tax credit, the bill seeks to enhance the economic landscape for small enterprises, which are vital to job creation and local economies.