Did you know that CT provides tax incentives to hire new employees in small businesses?
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.
Program Guidelines
Credit Length:
Taxable years 2010-2012
Credit Amount: $200 per month for each new full-time employee
Eligible Business
Structures: Tax credit applies to all business structures: corporations,
partnerships and LLC’s.
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.
Application Process:
1. Company submits application with supporting documents and application fee of $100.00.
2. Application is reviewed by Department of Economic and Community Development, and if approved, an eligibility certificate is issued to the company.
3. Applications are now being accepted for 2011 hires, the deadline is 2/28/12.
4. Applications can be found on the CT Department of Economic Development website. Search for Connecticut Small Business Jobs Creation Tax Credit Program.
ACTION ITEM: Connecticut small businesses that have hired new eligible employees need to complete their applications as soon as possible to receive their credit.
Tom Scanlon has over thirty years experience in public accounting with an extensive background in the areas of financial, tax, and estate planning. He prides himself on providing in-depth and customized solutions to privately held businesses and their owners. He is a Certified Public Accountant and Certified Financial Planner®. Tom is a frequent speaker for area organizations and has recently been quoted on CNBC, Fox 61 News and AARP's blog. Tom also has been a guest columnist for numerous publications including The Wall Street Journal, Barron's, Money Magazine, The Hartford Courant, The Hartford Business Journal, and The New Haven Register. He is a member of the American Institute of Certified Public Accountants, the Connecticut Society of Certified Public Accountants, and the Financial Planning Association. Active in the community, Tom supports a variety of not-for-profit organizations.
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