Sec. 12-217x. Tax credit for human capital investment.
Sec. 12-217x. Tax credit for human capital investment. (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.
(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.
(P.A. 97-295, S. 2, 25; P.A. 98-262, S. 14, 22; P.A. 00-192, S. 11, 102.)
History: P.A. 97-295, Sec. 2 effective July 8, 1997, and applicable to income years commencing on or after January 1,
1998; P.A. 98-262 revised effective date of P.A. 97-295, but without affecting this section; P.A. 00-192 added Subsec.
(a)(7) re contributions to the Individual Development Account Reserve Fund, effective January 1, 2001, and applicable
to income years commencing on or after that date.