Bill > SB00101

This bill modifies an existing tax credit for machinery and equipment by replacing the current provisions with a new tax credit that allows corporations to claim a 50% tax credit for machinery and equipment purchases made in the state. Specifically, the tax credit applies to any corporation that acquires and installs machinery or equipment in a facility within the state, regardless of the number of employees. To qualify for the full tax credit, the corporation must use the machinery or equipment in the facility for a minimum of five years after installation. If the corporation fails to meet the five-year minimum use requirement, they will be required to repay the entire amount of the tax credit. This change aims to provide a more straightforward and potentially more attractive tax incentive for corporations investing in new machinery and equipment within the state, with a built-in mechanism to ensure long-term commitment to the investment.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00101&which_year=2025