Sec. 12-413b. Credit for capital resources provided to institutions of higher education for electronic commerce studies or work force development programs.
Sec. 12-413b. Credit for capital resources provided to institutions of higher
education for electronic commerce studies or work force development programs.
(a) The Commissioner of Higher Education may select a direct payment permit holder,
as described in section 12-409a, for a pilot program in accordance with the provisions
of this section.
(b) There shall be allowed a credit to such direct payment permit holder in an amount
equal to the amount of a qualified investment, as defined in subsection (c) of this section,
that is made on or after July 1, 2000, against the use tax liability that is incurred under
this chapter by such holder in making purchases on or after July 1, 2000, of computer
equipment to be used in this state in electronic commerce. The total amount of such
credits allowed under this section shall not exceed four million dollars in the aggregate.
No credit shall be allowed under this section unless the Commissioner of Higher Education certifies, in a manner satisfactory to the Commissioner of Revenue Services, that
a qualified investment has been made by the direct payment permit holder and that
projects related to such investment have been completed. The Commissioner of Revenue
Services may adopt regulations, in accordance with the provisions of chapter 54, which
prescribe the procedures for the direct payment permit holder to claim the credit allowed
under this section.
(c) For purposes of this section, "qualified investment" means resources, including,
but not limited to, cash, property or services provided by a direct payment permit holder
to a public or private college or university in this state, for the design, planning, construction or renovation of buildings or classrooms, the acquisition of computer equipment
or the acquisition of other property or licenses necessary for operation of computer
programs which will be used in the instruction of students in business studies related
to electronic commerce or in work force development programs.
(P.A. 00-170, S. 21, 42; June Sp. Sess. P.A. 01-6, S. 19, 70, 85.)
History: P.A. 00-170 effective July 1, 2000, and applicable to sales occurring on or after that date; June Sp. Sess. P.A.
01-6 made technical corrections, effective July 1, 2001, and increased the total aggregate amount of credits allowed under
section from $2,000,000 to $4,000,000, effective July 1, 2003.