The Qualified Small Business Job Creation Tax Credit Program provides incentives to Connecticut’s small businesses to hire new full-time employees. Under this program Connecticut-based businesses with less than fifty employees are eligible for a $200 per month tax credit for each new full-time employee they hire. Below are the guidelines for the program, a link to the application and the contact.
Credit Length: Taxable years 2010-2012
Credit Amount: $200 per month for each new full-time employee
Structures: Tax credit applies to all business structures
Eligible Business: Connecticut based-businesses with less than fifty employees
Eligible New Hire: A new employee residing in Connecticut that is hired between May 6, 2010, and prior to January 1, 2013, to fill a new full-time job. Full-time job means a job in which an employee is required to work at least thirty-five or more hours per week for not less than forty-eight weeks in a calendar year. Full-time job does not include a temporary or seasonal work. A new employee does not include a person who was employed in Connecticut by a related person with respect to the qualified small business during the prior twelve months. No qualified small business may claim a tax credit for any new employee who is an owner, member or partner in the business or who is not employed at the close of the income year of the qualified small business.
1. Company submits application with supporting documents and application fee.
2. Application is reviewed by DECD and if approved an eligibility certificate is issued to the company.
3. Deadline for the submission of applications for 2010 hires is closed.
4. Applications are now being accepted for 2011 hires.
Fee: Application fee of $100 to be sent with application. Please make check payable to State of Connecticut, Department of Economic and Community Development.
Lindy Lee Gold
Department of Economic & Community Development
Office of Business & Industry Development
505 Hudson Street
Hartford, CT 06106