Bill > SB00120

This bill proposes to modify the fixed capital tax credit by increasing the credit percentage to 25% for new fixed capital investments starting in tax years beginning January 1, 2027, and broadening the definition of "fixed capital" to include additional types of investments. Specifically, the bill expands the definition to encompass nonresidential buildings and structures that are placed in service according to Section 168(e) of the Internal Revenue Code, as well as certain construction costs and land improvements in areas zoned for industrial or agricultural use. These improvements can include infrastructure such as water lines, electrical lines, and irrigation systems. The purpose of this legislation is to provide a more substantial tax incentive for businesses investing in fixed capital, particularly in industrial and agricultural zones, by increasing the tax credit and recognizing a wider range of capital investments as eligible for the credit.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00120&which_year=2025