Bill Text: CT HB05109 | 2016 | General Assembly | Comm Sub
Bill Title: An Act Establishing A Tax Credit Program For Employers Who Offer On-site Child Day Care Options For Employees.
Spectrum: Committee Bill
Status: (Introduced - Dead) 2016-03-04 - Public Hearing 03/09 [HB05109 Detail]
Download: Connecticut-2016-HB05109-Comm_Sub.html
General Assembly |
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February Session, 2016 |
LCO No. 1945 | ||
*01945HB05109FIN* | |||
Referred to Committee on FINANCE, REVENUE AND BONDING |
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Introduced by: |
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(FIN) |
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AN ACT ESTABLISHING A TAX CREDIT PROGRAM FOR EMPLOYERS WHO OFFER ON-SITE CHILD DAY CARE OPTIONS FOR EMPLOYEES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 12-217x of the general statutes is repealed and the following is substituted in lieu thereof (Effective January 1, 2017, and applicable to taxable years commencing on or after January 1, 2017):
(a) For purposes of this section, "human capital investment" means the amount paid or incurred by a corporation on (1) job training which occurs in this state for persons who are employed in this state; (2) work education programs in this state including, but not limited to, programs in public high schools and work education-diversified occupations programs in this state; (3) worker training and education for persons who are employed in this state provided by institutions of higher education in this state; (4) donations or capital contributions to institutions of higher education in this state for improvements or advancements of technology, including physical plant improvements; (5) planning, site preparation, construction, renovation or acquisition of facilities in this state for the purpose of establishing a day care facility in this state to be used primarily by the children of employees who are employed in this state; (6) subsidies to employees who are employed in this state for child care to be provided in this state; [and] (7) contributions made to the Individual Development Account Reserve Fund, as defined in section 31-51ww; and (8) operation of an on-site day care facility located in this state to be used primarily by children of employees of such corporation.
(b) There shall be allowed a credit for any corporation against the tax imposed under this chapter in an amount spent by such corporation, as a human capital investment as follows: For any income year commencing on or after January 1, 1998, and prior to January 1, 1999, equal to three per cent of such amount paid or incurred by the corporation during such income year; for any income year commencing on or after January 1, 1999, and prior to January 1, 2000, equal to four per cent of such amount paid or incurred by the corporation during such income year; and for any income year commencing on or after January 1, 2000, equal to five per cent of such amount paid or incurred by the corporation during such income year.
(c) The amount of credit allowed to any corporation under this section shall not exceed the amount of tax due from such corporation under this chapter with respect to such income year.
(d) No corporation claiming the credit under this section with respect to a human capital investment as defined in subsection (a) of this section shall claim a credit against any tax under any other provision of the general statutes against any tax with respect to the same investment.
(e) Any tax credit not used in the income year during which the investment was made may be carried forward for the five immediately succeeding income years until the full credit has been allowed.
This act shall take effect as follows and shall amend the following sections: | ||
Section 1 |
January 1, 2017, and applicable to taxable years commencing on or after January 1, 2017 |
12-217x |
Statement of Purpose:
To establish a tax credit program for employers who provide on-site day care.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]
REP. KLARIDES, 114th Dist.; REP. CANDELORA, 86th Dist. REP. HOYDICK, 120th Dist.; REP. MINER, 66th Dist. REP. O'NEILL, 69th Dist. |