ANNOUNCEMENT 08 Jul 2011In July 2011, a US state government announced a targeted tax change.
NUMBER OF INTERVENTIONS
On July 8, 2011, the Connecticut state legislature approved a bill (Substitute Senate Bill No. 1001, now Public Act No. 11-86) that established a 'First Five' program under which the Department of Economic and Community Development will 'encourage business expansion and job creation' by 'provid'ing' substantial financial assistance to up to five eligible business development projects in each of the fiscal years ending June 30, 2012, and June 30, 2013.'
An eligible business would agree to 'create not less than two hundred new jobs within twenty-four months from the date such application is approved' or 'invest not less than twenty-five million dollars and create not less than two hundred new jobs within five years from the date such application is approved.'
The program also provides for tax credits, stipulating that ''t'he sum of all tax credits granted pursuant to the provisions of this section shall not exceed seven hundred fifty million dollars.'
On June 3 and 29, 2015, the Connecticut General Assembly passed in concurrence House Bill and Senate Bill 1502, and Governor Dannel Malloy signed both bills into law on June 30, 2015. They have the effect of extending the First Five Plus program through June 30, 2016.