2015 Connecticut General Statutes
Title 12 - Taxation
Chapter 208 - Corporation Business Tax
Section 12-217v - Tax credit for qualifying corporations in enterprise zones.

(a) As used in this section:

(1) “Qualifying corporation” means a corporation which is:

(A) Created on or after January 1, 1997, in an enterprise zone and which either (i) has at least three hundred seventy-five employees, at least forty per cent of whom (I) are residents of the enterprise zone or the municipality in which the enterprise zone is located, and (II) qualify under the Job Training Partnership Act, or (ii) has less than three hundred seventy-five employees, at least one hundred fifty employees of whom (I) are residents of the enterprise zone or the municipality in which the enterprise zone is located, and (II) qualify under the Job Training Partnership Act; or

(B) Created on or after July 1, 2015, in an enterprise zone, and which is primarily engaged in bioscience, clean technology or cybersecurity technology, which either (i) has at least one hundred eighty-eight employees, at least forty per cent of whom (I) are residents of the enterprise zone or the municipality in which the enterprise zone is located, and (II) qualify under the Job Training Partnership Act, or (ii) has less than one hundred eighty-eight employees, at least seventy-five employees of whom (I) are residents of the enterprise zone or the municipality in which the enterprise zone is located, and (II) qualify under the Job Training Partnership Act;

(2) “Bioscience” means (A) the manufacture of pharmaceuticals, medicines, medical equipment, medical devices and analytical laboratory instruments, (B) the operation of medical or diagnostic testing laboratories, or (C) the conducting of pure research and development in life sciences;

(3) “Clean technology” means the production, manufacture, design, research or development of clean energy, green buildings, smart grid, high-efficiency transportation vehicles and alternative fuels, environmental products, environmental remediation and pollution prevention; and

(4) “Cybersecurity technology” means information technology products or goods intended to detect or prevent activity intended to result in unauthorized access to, exfiltration of, manipulation of, or impairment to the integrity, confidentiality or availability of an information technology system or information stored on, or transiting, an information technology system.

(b) There shall be allowed as a credit against the tax imposed under this chapter on any corporation described in subparagraph (A) of subdivision (1) of subsection (a) of this section which is created on or after January 1, 1997, in an enterprise zone, or any corporation described in subparagraph (B) of subdivision (1) of subsection (a) of this section which is created on or after July 1, 2015, in an enterprise zone in an amount equal to (1) one hundred per cent of the tax liability of the corporation under said chapter with respect to the first three taxable years of the corporation, and (2) fifty per cent of the tax liability of the corporation under this chapter with respect to the next seven taxable years of the corporation.

(P.A. 96-239, S. 3, 17; Dec. Sp. Sess. P.A. 15-1, S. 35.)

History: P.A. 96-239 effective July 1, 1996; Dec. Sp. Sess. P.A. 15-1 amended Subsec. (a) by redefining “qualifying corporation” and adding definitions of “bioscience”, “clean technology” and “cybersecurity technology”, and made technical and conforming changes, effective December 29, 2015, and applicable to taxable years commencing on or after January 1, 2017.