HB05569

Establishes a tax credit for small businesses for qualified local media advertising expenses.

The bill creates a tax credit for small businesses in Connecticut for advertising expenses in local media. This credit applies to expenses for advertising in local newspapers or on broadcast radio or television stations serving a local community. The credit is available for income or taxable years starting from January 1, 2027, and ending before January 1, 2032. The credit percentage varies by year, starting at 80% for the first year and decreasing over time. The bill also specifies that a small business cannot claim the credit for expenses that are also deducted as business expenses.