Bill
Bill > SB00043
summary
Introduced
02/04/2026
02/04/2026
In Committee
02/04/2026
02/04/2026
Crossed Over
Passed
Dead
Introduced Session
2026 General Assembly
Bill Summary
To replace the current tax credit for machinery and equipment with a tax credit for fifty per cent of the amount spent by a corporation on machinery and equipment acquired for and installed in a facility in this state and including a five-year minimum use and recapture provision.
AI Summary
This bill proposes to change how corporations can receive tax credits for investing in machinery and equipment within the state. Instead of the current system, corporations will be eligible for a tax credit equal to fifty percent of the cost of new machinery and equipment they purchase and install in a facility located in this state. This new credit comes with a condition: the machinery and equipment must be used in the facility for at least five years. If the five-year minimum use requirement is not met, the corporation will have to repay the full amount of the tax credit they received, a provision known as recapture. This change aims to encourage longer-term investment in state facilities.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Joint Committee on Finance, Revenue and Bonding (on 02/04/2026)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00043&which_year=2026 |
| BillText | https://www.cga.ct.gov/2026/TOB/S/PDF/2026SB-00043-R00-SB.PDF |
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