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October 19, 2010

Connecticut Offers Tax Credit Incentives to Small Businesses

To qualify, a qualified small business must employ less than 50 employees in Connecticut at the time it applies for the credit.

The credit is available to all types of small businesses. Qualifying C corporations, S corporation shareholders and partners in partnerships, as well as owners of single member limited liability companies may claim the credit.

The credit is $200 per month for each new employee hired. New employees must reside in Connecticut, be hired between May 6, 2010 and January 1, 2013 and work full-time for not less than 48 weeks in a calendar year.

To be eligible for the credit, qualified small businesses should apply to the Connecticut Department of Economic and Community Development. If approved, DECD will issue a certification letter to the qualified small business.

Credits can be claimed for permanent, year-round employees.

Click here to visit the Connecticut website containing the program application.

Should you have any questions related to this Tax Flash, contact your Marcum LLP tax professional.

 

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