SB00043

Connecticut SB00043 proposes a tax credit for 50% of machinery and equipment costs for corporations, with a five-year minimum use requirement.

Connecticut SB00043 amends the tax credit for machinery and equipment, replacing the current credit with one that provides 50% of the amount spent by a corporation on machinery and equipment installed in a facility in the state. The bill specifies that the machinery or equipment must be used for a minimum of five years, and if this requirement is not met, the full amount of the tax credit must be repaid by the corporation. This change affects all corporations, regardless of their employee count.