Submitted by Sen. Art Linares
I recently threw my support behind a bill that I believe will make Connecticut more business-friendly and help to create jobs.
This bill makes permanent the state’s temporary Job Expansion Tax Credit Program. As the law stands now, that program is slated to end on Jan. 1, 2014.
The savings that small businesses can realize from this program are considerable.
Here’s how it works:
- Qualifying businesses can earn a credit of $500 a month for every new job they create.
- Qualifying businesses can earn a credit of $900 a month if the position is filled by an employee who has not had a full-time job since his or her unemployment benefits ran out.
- Qualifying businesses can earn a credit of $900 a month if the position is filled by a military veteran.
- Qualifying businesses can earn a credit of $900 a month if the position is filled by an individual who is receiving vocational rehabilitation services from the Bureau of Rehabilitative Services.
In order to claim the credits, businesses with 0-50 employees must have one new employee in the taxable year; businesses with 51-100 employees must create five new jobs, and businesses with 100 or more must create 10 new jobs.
The job expansion tax credit is a small but valuable step toward improving the business climate in Connecticut.
Making the credit permanent would enable more businesses to take advantage of it and create the most opportunity for people who are looking for work.
Tax reductions in any form are an effective means of helping businesses grow and add new jobs. That’s why I am also pushing to eliminate the state’s $250 business entity tax.
With the unemployment rate in Connecticut significantly higher than the national average, a permanent tax credit for job expansion would be a welcome change.
I will continue working hard to pass policies that help grow jobs. Please send me your comments and questions at Art.Linares@cga.ct.gov or 800 842 1421.
Sen. Art Linares (www.senatorlinares.com) represents the 33rd Senate District, which includes Chester, Clinton, Colchester, Deep River, East Haddam, East Hampton, Essex, Haddam, Lyme, Old Saybrook, Portland, and Westbrook.
Posted March 14, 2013
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