Tax Candi

I've always had issues with spelling. (Bad spellers of the world, untie!)  I think somewhere around 9th grade, people clued me into "Wed Nes Day" and "To Get Her" to remember how to spell these rather simple words.  "Connect I Cut" was one I figured out for myself, thankyouverymuch.  So, in continuing our tour of the east coast, let's take a look at this state's fine offerings...

New Job Creation Tax Credit

Businesses creating at least 10 new full time jobs in Connecticut are eligible for the New Job Creation Tax Credit. This credit is available for five (5) successive tax years and can equal up to 60% of the state personal income tax witholdings from the new employees wages.  (Connecticut requires employers to withhold 3% of wages up to $10,000 and 5% of wages above that amount.)

So, for an employee with a salary of $65,000, an employer would get a credit of up to $1,830 annually or $9,150 over five years.  Not bad.  

The tax credit has a few limitations: (1) the total amount of credits granted to all taxpayers may not exceed $10 million in any one fiscal year and (2) new jobs means "job which did not exist prior to the application and which is filled by a new employee hired by the taxpayer."  Also, no carryforwards. 

Interested enterprises should submit a formal application to Connecticut's Department of Economic and Community Development(DECD).