reglab/statecodes huggingface dataset:
Connecticut Administrative Code › Title 12 - Taxation › 217kk - Film and Digital Media Infrastructure Tax Credit Program › Section 12-217kk-4 - Estimated cost report

Current through July 10, 2024
(a) Each applicant
			 with a project seeking eligibility certification shall file with its
			 application an estimated cost report on such forms as the Commission may
			 prescribe.
(b) The estimated cost
			 report shall describe in detail the eligible expenditures to be incurred by the
			 applicant with respect to the project which is the subject of the application
			 and classify such expenditures under each of the categories specified below:
(1) Land acquisition;
(2) Building acquisition;
(3) Building construction;
(4) Building
			 rehabilitation/renovation;
(5)
			 Capital equipment;
(6) Other
			 improvement; or,
(7) Project
			 development including design, engineering and related professional
			 fees.
Connecticut Administrative Code › Title 12 - Taxation › 217kk - Film and Digital Media Infrastructure Tax Credit Program › Section 12-217kk-6 - Project progress reports; document submission

Current through July 10, 2024
An applicant whose project has been certified as a
				State-certified project shall submit to the Commission periodic progress
				reports on such forms and at such times as the Commission may prescribe. Such
				reports shall describe in detail the current status of the project together
				with any revisions to the estimated cost report, estimated project timetable or
				completion date together with a detailed explanation of the reasons for such
				revisions.
Connecticut Administrative Code › Title 12 - Taxation › 217kk - Film and Digital Media Infrastructure Tax Credit Program › Section 12-217kk-7 - Lapse of eligibility certification; surety bond

Current through July 10, 2024
(a)
			 Upon the Commission's written notice to the applicant, the project's
			 certification as a State-certified project shall lapse not earlier than 180
			 days after the issuance of notice of eligibility certification upon the
			 Commission's determination that an applicant has failed to provide satisfactory
			 evidence that the project has substantially commenced and will be substantially
			 completed as proposed.
(b) At any
			 time after certification of a project as a State-certified project, the
			 Commission may direct the applicant to file a surety bond at the applicant's
			 sole cost and expense and in such form and principal amount as the Commission
			 may determine to assure completion of the project or construction of any
			 project installation in accordance with the application documents submitted to
			 the Commission. Such surety bond shall be issued by a bonding or insurance
			 company authorized and licensed to do business in this State and in good
			 standing and which shall be rated "A-" or better by the latest edition of A.M.
			 Best's Ratings Guide or, if such Guide is no longer available, any generally
			 recognized replacement therefore. The Commission shall be named in any such
			 bond as a dual obligee.
Connecticut Administrative Code › Title 12 - Taxation › 217kk - Film and Digital Media Infrastructure Tax Credit Program › Section 12-217kk-8 - Application for issuance of state-certified project tax credit voucher

Current through July 10, 2024
(a) After the Commission has issued notice of
			 eligibility certification with respect to a project, an applicant may apply to
			 the Commission for the issuance of a State-certified project voucher. Such
			 voucher may be issued:
(1) No sooner than at
			 such time as the Commission determines in its sole discretion that such project
			 is not less than sixty percent (60%) complete; or,
(2) Not later than ninety (90) days after the
			 last project expenses or costs are incurred by the applicant and the project
			 has been determined to be complete by the Commission.
Connecticut Administrative Code › Title 12 - Taxation › 217kk - Film and Digital Media Infrastructure Tax Credit Program › Section 12-217kk-9 - Limitation on eligible expenditures

Current through July 10, 2024
(a) An applicant
			 may include only actual paid eligible expenditures in the detailed cost report
			 required to be submitted to the Commission pursuant to section
			 12-217kk-8
			 of the Regulations of Connecticut State Agencies. The cost report must provide
			 sufficient information so that the independent auditor can verify whether the
			 expenditures set forth by the applicant are allowed under the provisions of
			 section
			 12-217kk
			 of the Connecticut General Statutes and sections
			 12-217kk-1
			 through
			 12-217kk-13,
			 inclusive, of the Regulations of Connecticut State Agencies.
(b) Refunds, rebates, insurance claim
			 recoveries, discounts, invoicing errors, returns and other such credits must be
			 credited against the expenditures itemized in the detailed cost
			 report.
(c) When an applicant
			 incurs related party transaction costs, the costs allowable shall be limited to
			 the fair market value as determined by the Commission of the services, goods or
			 other tangible property provided to applicant by the related party.
(d) Expenses or costs which have been
			 included in any prior application for a tax credit voucher or included in an
			 application for a tax credit under sections
			 12-217jj
			 or 21-217ll of the Connecticut General Statutes are not eligible
			 expenditures.
(e) Expenses or costs
			 related to the transfer of any tax credit are not eligible
			 expenditures.
(f) Expenses or costs
			 shall constitute eligible expenditures under sections
			 12-217kk-1
			 through
			 12-217kk-13,
			 inclusive, of the Regulations of Connecticut State Agencies, only if incurred
			 by an applicant in connection with a State-certified project which results in
			 permanent improvement(s) or accretions(s) to real estate.
(g) Costs and expenses to remediate asbestos
			 or other hazardous substances shall constitute eligible expenditures only to
			 the extent such costs are incurred by an applicant in connection with above
			 ground building remediation and are otherwise allowable pursuant to the section
			 12-217kk
			 of the Connecticut General Statutes and sections
			 12-217kk-1
			 through
			 12-217kk-13,
			 inclusive, of the Regulations of Connecticut State Agencies.
(h) Costs and expenses related to leasehold
			 expenditures for grounds and buildings shall be allowable only to the extent
			 that the associated lease constitutes a capital lease as defined and explained
			 in FASB Statement No. 13, and then only to the extent that the present value of
			 such lease expenditures are determined in accordance with a generally
			 recognized and accepted formula selected by the Commission with prior notice to
			 the applicant. Lease expenditures for tangible personal property shall be
			 allowable only to the extent that such expenditures are incurred pursuant to a
			 capital equipment lease as defined and explained in FASB Statement No.
			 13.
Connecticut Administrative Code › Title 12 - Taxation › 217kk - Film and Digital Media Infrastructure Tax Credit Program › Section 12-217kk-10 - Scope of and procedures for state-certified project audit

Current through July 10, 2024
(a) The purpose of the independent audit
			 required under subsection (c) of section
			 12-217kk-8
			 of the Regulations of Connecticut State Agencies is to provide the Commission
			 with assurances that the eligible expenditures as set forth in the detailed
			 cost report have in fact been expended and are otherwise accurate, necessary,
			 and reasonable and are in accordance with the provisions of section
			 12-217kk
			 of the Connecticut General Statutes and in accordance with sections
			 12-217kk-1
			 through
			 12-217kk-13,
			 inclusive, of the Regulations of Connecticut State Agencies.
(b) The audit shall be completed in
			 accordance with generally accepted auditing standards as established by the
			 AICPA and FASB and shall be at the sole cost and expense of applicant. The
			 audit shall be performed by a certified public accountant licensed in this
			 State, unrelated to the applicant and having no direct or indirect financial
			 interest in the applicant or any business conducted by the applicant.
(c) The auditor's report shall state that the
			 audit was conducted in accordance with this section and shall include and be
			 subject to the following requirements:
(1) A
			 schedule disclosing the applicant's noncompliance with any applicable law,
			 regulation, provision of contracts or other agreements which could have a
			 material effect on the costs reported in the detailed cost report;
(2) A schedule disclosing all sources of
			 funds used by the applicant to finance the state certified project including
			 any non-cash or barter transactions included in the detailed cost
			 report;
(3) A schedule disclosing
			 all related party transactions as such are defined, specified and explained by
			 Financial Accounting Standards Board (FASB) in Statement No. 57 and which are
			 encompassed in the detailed cost report to include:
(A) The name of the related party;
(B) The nature of the relationship between
			 the related party and the applicant; and,
(C) A description of the nature of the
			 transaction and the amount.
(4) The auditor's opinion shall be dated as
			 of the date that audit fieldwork was completed and shall be addressed to the
			 applicant;
(5) The auditor shall
			 cooperate fully with the Commission in responding to the Commission's post
			 audit inquiries and in complying with such audit guidelines applicable to all
			 such audits as the Commission may prescribe in writing; and,
(6) The audit work papers must be maintained
			 by the auditor for a period of six (6) years from the date that the audit was
			 submitted to the Commission and shall be made available to the Commission upon
			 written request.
Connecticut Administrative Code › Title 12 - Taxation › 217kk - Film and Digital Media Infrastructure Tax Credit Program › Section 12-217kk-11 - Disposition of application for tax credit voucher

Current through July 10, 2024
(a) The
			 Commission shall review the application for a voucher and the independent audit
			 and evaluate whether the applicant has met the criteria set forth under section
			 12-217kk
			 of the Connecticut General Statutes and sections
			 12-217kk-1
			 through
			 12-217kk-13,
			 inclusive, of the Regulations of Connecticut State Agencies for issuance of a
			 tax credit voucher. If the Commission determines that the application and audit
			 do meet such criteria it shall certify on the voucher the total eligible
			 expenditures substantiated to the satisfaction of the Commission to the date of
			 the application and the amount of the tax credit awarded.
(b) If the Commission determines that either
			 the application or audit do not meet the established criteria for issuance of a
			 voucher, it shall notify the applicant in writing of the deficiency in the
			 application or audit and the remedial action, if any, that is required before
			 the Commission can act on the voucher application.
Connecticut Administrative Code › Title 12 - Taxation › 217kk - Film and Digital Media Infrastructure Tax Credit Program › Section 12-217kk-12 - Confidentiality of application information and documents

Current through July 10, 2024
When an applicant or other entity submits information it
				considers to be of a proprietary or confidential nature in connection with its
				applications for eligibility certification and issuance of tax credit vouchers
				or notice of transfer of tax credits, such information shall be clearly marked
				or labeled "CONFIDENTIAL" in capital letters. The applicant or other entity
				shall also submit a statement briefly setting forth the grounds on which the
				information should be treated as confidential. Upon the Commission's
				determination that such information may be lawfully maintained by it as
				confidential, it shall maintain such portions of the application or notice of
				transfer of tax credits as confidential to the extent permitted by
				law.
Connecticut Administrative Code › Title 12 - Taxation › 217kk - Film and Digital Media Infrastructure Tax Credit Program › Section 12-217kk-13 - Transfers of tax credits

Current through July 10, 2024
(a) Tax credit
			 vouchers may be sold, assigned or otherwise transferred by the applicant or
			 subsequent transferee, in whole or in part, up to a maximum of three (3) times
			 and to the extent the tax credit has not previously been claimed. Any taxpayer
			 that is assigned or transferred a tax credit must claim such assigned credit in
			 the same income year that the applicant was eligible to claim the tax credit.
			 Any assignee or transferee that does not fully utilize the tax credit in the
			 income year in which it is claimed may carry such credit forward as permitted
			 by section
			 12-217kk
			 of the Connecticut General Statutes.
(b) Each tax credit voucher transferor and
			 transferee shall jointly provide written notice of such transfer to the
			 Commission on such forms as may be prescribed by the Commission, not later than
			 thirty (30) days after the transfer. For the purposes of subsections
			 12-217kk(b)(3)
			 and (d) of the Connecticut General Statutes,
			 a taxpayer to which a tax credit evidenced by a tax credit voucher may be sold,
			 assigned or otherwise transferred, or that may sell, assign or otherwise
			 transfer such tax credit, shall include a corporation, partnership, limited
			 liability company, or other business entity; provided, however, that the tax
			 credits evidenced by such tax credit voucher may only be claimed against the
			 taxes imposed under chapters 207 and 208 of the Connecticut General
			 Statutes.
(c) The written notice to
			 the Commission of transfer shall include, but may not be limited to, the
			 following:
(1) The tax credit voucher
			 number;
(2) The date of
			 transfer;
(3) The total amount of
			 credit transferred;
(4) The tax
			 credit voucher balance before and after the transfer;
(5) The transferor's and transferee's federal
			 tax identification numbers;
(6)
			 Consideration paid by the transferee for the transfer; and,
(7) Such other pertinent information as the
			 Commission may require.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-1 - Statement of purpose

Current through July 10, 2024
These rules and regulations, which were drafted in consultation
				with the Department of Revenue Services, have been adopted to implement and are
				intended to be applied so as to accomplish the purposes of the digital
				animation production company tax credit program as established by section
				12-217ll
				of the General Statutes. The digital animation production company tax program
				is administered by the Connecticut Commission on Culture and Tourism and is
				designed to encourage the development of strong digital animation production
				activity within the State so as to increase employment and foster a more
				productive state economy.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-2 - Definitions

Current through July 10, 2024
As used in sections
				12-217ll-1
				to
				12-217ll-12,
				inclusive, of the Regulations of Connecticut State Agencies:
(1) "American Institute of Certified Public
			 Accountants (AICPA)" shall mean the national organization which establishes
			 financial, accounting and auditing procedures to which certified public
			 accountants (CPAs) must adhere.
(2)
			 "Applicant" or "the applicant" shall mean, as the context of these regulations
			 shall require:
(A) A digital animation
			 production company which applies to the Commission for certification as a
			 state-certified digital animation production company; or,
(B) A state-certified digital animation
			 production company which applies to the Commission for a digital animation tax
			 credit voucher.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-3 - Application for certification as state-certified digital animation production company

Current through July 10, 2024
(a) An applicant
			 shall file a written application for certification with the Commission under
			 oath on such forms as the Commission may prescribe.
(b) An applicant seeking certification shall
			 provide the Commission with information including, but not limited to, the
			 following:
(1) Legal name, address and
			 telephone number;
(2) Name, title
			 and telephone number of primary contact person and other persons associated
			 with the applicant whom the Commission may contact to discuss the application
			 information;
(3) Type of business
			 entity (i.e., proprietorship, partnership, corporation, etc.);
(4) Satisfactory evidence from the Secretary
			 of the State and the Commissioner that the applicant is qualified to do
			 business in the State and is registered as a taxpayer;
(5) Federal Employer Identification Number
			 (FEIN) or Tax Identification Number (TIN);
(6) Detailed description of digital animation
			 production activity engaged in by the applicant;
(7) Detailed description of digital animation
			 production activity conducted by the applicant in this state;
(8) Detailed description of business activity
			 other than digital animation production activity engaged in by the
			 applicant;
(9) Detailed description
			 of all locations where the applicant maintains facilities at which digital
			 animation production activity is conducted and description of that
			 activity;
(10) Listing of the total
			 number of the applicant's full time employees and facility where
			 employed;
(11) Actual or estimated
			 total annual production expenses or costs incurred in the state;
(12) The applicant's certification that it
			 will at all times maintain its books and records in accordance with generally
			 accepted accounting principles (GAAP) consistently applied in connection with
			 the conduct of its digital animation production activity in this
			 state;
(13) The applicant's
			 certification that it does not and will not engage in digital animation
			 production activity which requires the maintenance of records pursuant to
			 18 U.S.C. §
										2257;
(14) Date that the applicant began, or will
			 begin, conducting digital animation production activities at facilities in this
			 state;
(15) The applicant's income
			 year; and, (16) Such additional pertinent application information concerning
			 the applicant, its officers and directors or its digital animation production
			 activity as the Commission may request.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-4 - Disposition of application for certification

Current through July 10, 2024
(a) The
			 Commission shall review all complete applications submitted pursuant to section
			 12-217ll-3
			 of the Regulations of Connecticut State Agencies and determine whether the
			 criteria for certification as a state-certified digital animation production
			 company under sections
			 12-217ll-1
			 to
			 12-217ll-12,
			 inclusive, of the Regulations of Connecticut State Agencies have been
			 met.
(b) If the Commission finds
			 that such criteria have been met it shall issue written notice of such
			 certification to applicant and provide applicant with a unique identification
			 number which shall be referenced on all future correspondence and notices filed
			 with the Commission.
(c) The
			 Commission's written notice that the applicant is a state-certified digital
			 animation production company shall not grant or convey any state tax credits or
			 benefits and signifies only that the Commission has determined that the
			 criteria for such certification under sections
			 12-217ll-1
			 to
			 12-217ll-12,
			 inclusive, of the Regulations of Connecticut State Agencies have been met at
			 the time of the Commission's review of the application.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-5 - Fiscal and accounting requirements

Current through July 10, 2024
(a) Each
			 state-certified digital animation production company shall utilize an
			 accounting system which conforms to generally accepted accounting principles
			 (GAAP) in accounting for the production expenses or costs to be included in the
			 detailed cost report which shall accompany an application for issuance of a
			 digital animation production company tax credit voucher.
(b) The following accounting records and
			 documentation, at a minimum, shall be made and maintained by a state-certified
			 digital animation production company:
(1)
			 Invoices, purchase orders, vouchers, paid bills, and production
			 reports;
(2) Individual payroll and
			 attendance records for all employees consistent with the requirements imposed
			 upon employers generally under applicable federal and state law;
(3) Records relating to refunds, rebates,
			 invoicing errors, purchase returns, sales of equipment or other tangible
			 property or other production assets and insurance claims;
(4) Records relating to costs and expenses
			 regarding the ownership or lease of any real property;
(5) Records relating to costs and expenses
			 regarding the purchase of any tangible personal property;
(6) Records relating to any related party
			 transaction sufficient to permit the independent auditor to provide the
			 information required pursuant to subsection
			 12-217ll-9(c)(3)
			 of the Regulations of Connecticut State Agencies; and,
(7) Records relating to production
			 expenditures or costs for optioning or purchasing intellectual property as such
			 costs are described and permitted under subsection (a) of section
			 12-217ll
			 of the Connecticut General Statutes.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-6 - Application for issuance of a digital animation production company tax credit voucher; independent audit

Current through July 10, 2024
(a) A
			 state-certified digital animation production company may apply to the
			 Commission for issuance of a tax credit voucher(s) not more than twice in any
			 income year on such forms as the Commission may prescribe. Upon the
			 Commission's determination that the applicant has satisfied all the criteria
			 for issuance of a tax credit voucher(s), the Commission shall certify the total
			 production expenses or costs incurred during the period encompassed by the cost
			 report and the actual amount of the tax credit awarded to the applicant. The
			 Commission shall not award digital animation production company tax credits
			 which exceed in the aggregate the state fiscal year cap as provided in
			 subsection (g) of section
			 12-217ll
			 of the Connecticut General Statutes.
(b) With each application for a tax credit
			 voucher the applicant shall file with the Commission the detailed cost report
			 together with an audit report of such cost report.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-7 - Detailed cost report

Current through July 10, 2024
(a) Each applicant
			 for a tax credit voucher shall file with the Commission, under oath, a detailed
			 cost report on such forms as the Commission may prescribe.
(b) The detailed cost report shall classify
			 costs and expenditures actually incurred by the applicant under each of the
			 categories specified below:
(1) Talent
			 costs;
(2) Payroll;
(3) Overhead;
(4) Post production; or
(5) Other.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-8 - Limitations on allowable production expenses or costs

Current through July 10, 2024
(a) An applicant may include only actual,
			 paid production expenses or costs in the detailed cost report. The cost report
			 must provide sufficient information so that an independent auditor can verify
			 the production expenses or costs and determine whether such costs are allowed
			 pursuant to the act and these regulations.
(b) Refunds, rebates, insurance claim
			 recoveries, discounts, invoicing errors, returns and other such credits must be
			 credited against the expenses or costs itemized in the cost report.
(c) When an applicant incurs related party
			 transaction costs, the costs allowable shall be limited to the fair market
			 value as determined by the Commission of the services, goods or other tangible
			 property provided to applicant by the related party.
(d) Production expenses or costs which have
			 been included in any prior application for a tax credit voucher or included in
			 an application for a tax credit under sections
			 12-217jj
			 or
			 12-217kk
			 of the Connecticut General Statutes or any other section of the Connecticut
			 General Statutes shall not be allowable.
(e) Expenses or costs related to the transfer
			 of any tax credit shall not be allowable.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-9 - Scope of and procedures for audit

Current through July 10, 2024
(a) The purpose of
			 the independent audit is to provide assurances to the Commission that the
			 production expenses or costs set forth in the detailed cost report have in fact
			 been expended and are otherwise accurate and reasonable.
(b) The audit shall be completed in
			 accordance with generally accepted auditing standards as established by the
			 AICPA and FASB and shall be at the sole cost and expense of the applicant. The
			 audit shall be performed by a certified public accountant licensed in this
			 State, unrelated to the applicant and having no direct or indirect financial
			 interest in the applicant or applicant's digital animation production
			 activity.
(c) The auditor's report
			 shall state that the audit was conducted in accordance with this section and
			 shall include or comply with the following:
(1) A schedule disclosing the applicant's
			 non-compliance with any applicable law, regulation, provision of contracts or
			 other agreements which could have a material effect on the expenses or costs
			 reported in the detailed cost report;
(2) A schedule disclosing all sources of
			 funds used by the applicant to finance the digital animation production
			 activity including any non-cash or barter transactions included in the detailed
			 cost report;
(3) A schedule
			 disclosing all related party transactions as such are defined, specified and
			 explained by the Financial Accounting Standards Board (FASB) in Statement No.
			 57 and which are encompassed in the detailed cost report to include:
(A) The name of the related party;
(B) The nature of the relationship between
			 the related party and the applicant; and,
(C) A description of the nature of the
			 transaction and the amount.
(4) The auditor's opinion shall be dated as
			 of the date that audit fieldwork was completed and shall be addressed to the
			 applicant;
(5) The auditor shall
			 have demonstrated knowledge and familiarity with the accounting practices
			 generally recognized in the digital animation or other media production
			 industry and shall cooperate fully with the Commission in responding to the
			 Commission's post audit inquiries and in complying with such audit guidelines
			 applicable to all such audits as the Commission may prescribe in writing;
			 and,
(6) The audit work papers must
			 be maintained by the auditor for a period of six (6) years from the date that
			 the audit was submitted to the Commission and shall be made available to the
			 Commission upon written request.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-10 - Disposition of application for tax credit vouchers

Current through July 10, 2024
(a) The
			 Commission shall review the application and the independent audit and evaluate
			 whether the applicant has met the criteria set forth under sections
			 12-217ll-1
			 to
			 12-217ll-12,
			 inclusive, of the Regulations of Connecticut State Agencies for issuance of
			 digital animation tax credit vouchers. If the Commission determines that the
			 applicant has met such criteria, it shall thereupon issue written tax credit
			 voucher(s) which shall certify the total production expenses or costs
			 substantiated to the satisfaction of the Commission and the amount of the tax
			 credit(s) awarded.
(b) If the
			 Commission determines after its evaluation that the applicant has not met the
			 established criteria for issuance of tax credit vouchers, it shall notify the
			 applicant in writing of the deficiencies in the application or audit and the
			 remedial action, if any, that is required of the applicant before the
			 Commission can act on the application for issuance of tax credit
			 voucher(s).
(c) The Commission
			 shall provide a unique identification number on each tax credit voucher issued
			 which shall include a reference to the Commission's identification number
			 assigned at the time the Commission's notice of certification as a
			 state-certified digital animation production company was issued pursuant to the
			 provisions of section
			 12-217ll-4
			 of the Regulations of Connecticut State Agencies.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-11 - Confidentiality of application information and documents

Current through July 10, 2024
When an applicant or other entity submits information it
				considers to be of a proprietary or confidential nature in connection with its
				applications for eligibility certification and issuance of tax credit vouchers
				or notice of transfer of tax credits, such information shall be clearly marked
				or labeled "CONFIDENTIAL" in capital letters. The applicant or other entity
				shall also submit a statement briefly setting forth the grounds on which the
				information should be treated as confidential. Upon the Commission's
				determination that such information may be lawfully maintained by it as
				confidential, it shall maintain such portions of the application or notice of
				transfer of tax credits as confidential to the extent permitted by
				law.
Connecticut Administrative Code › Title 12 - Taxation › 217ll - Digital Animation Production Company Tax Credit Program › Section 12-217ll-12 - Transfers of tax credits

Current through July 10, 2024
(a) Tax credit
			 vouchers may be sold, assigned or otherwise transferred by the applicant to one
			 or more taxpayers, in whole or in part, up to a maximum of three (3) times and
			 to the extent the tax credit has not previously been claimed. Any taxpayer
			 assigned a tax credit must claim such assigned credit in the same income year
			 that the applicant was eligible to claim the tax credit.
(b) Each tax credit voucher transferor and
			 transferee shall jointly provide written notice of such transfer to the
			 Commission on such forms as may be prescribed by the Commission, not later than
			 thirty (30) days after the transfer. For the purposes of subsections
			 12-217ll(b)(2)
			 and (d) of the Connecticut General Statutes,
			 a taxpayer to which a tax credit evidenced by a tax credit voucher may be sold,
			 assigned or otherwise transferred, or that may sell, assign or otherwise
			 transfer such tax credit, shall include a corporation, partnership, limited
			 liability company, or other business entity; provided, however, that the tax
			 credits evidenced by such tax credit voucher may only be claimed against the
			 taxes imposed under chapters 207 and 208 of the Connecticut General
			 Statutes.
(c) The written notice to
			 the Commission of transfer shall include the following:
(1) The tax credit voucher number;
(2) The date of transfer;
(3) The total amount of credit
			 transferred;
(4) The tax credit
			 voucher balance before and after the transfer;
(5) The transferor's and transferee's federal
			 tax identification numbers;
(6)
			 Consideration paid by the transferee for the transfer; and,
(7) Such other information as the Commission
			 may require.
Connecticut Administrative Code › Title 12 - Taxation › 217s - The Traffic Reduction Tax Credit Program › Section 12-217s-1 - Definitions

Current through July 10, 2024
As used in sections 12-217s-1 to
				12-217s-10,
				inclusive:
(1) "
Affected
			 employer
" means an affected employer, as defined in section
			 13b-38o of the
			 Connecticut General Statutes;
(2)
			 "
Approved direct cost
" means a direct cost which is claimed on the
			 tax credit application and is determined by the department to support a
			 qualified corporation's traffic reduction program;
(3) "
Certified credit
" is the
			 amount that a corporation may claim on its annual return, as certified by the
			 department;
(4)
			 "
Corporation
" means any company which is required to pay a tax for
			 the privilege of carrying on or doing business within the State in a corporate
			 capacity pursuant to Chapter 208 of the Connecticut General Statutes;
(5) "
Credit year
" means a year
			 in which the department reviews tax credit applications and determines the
			 amount of tax credits which will be received by each corporation that submitted
			 a tax credit application;
(6)
			 "
Department
" means the Connecticut Department of
			 Transportation;
(7)
			 "
Commissioner
" means the Commissioner of Transportation;
(8) "
DRS
" means the Connecticut
			 Department of Revenue Services;
(9)
			 "
Eligible Credit
" means the amount of credit calculated for each
			 corporation by the department after adjustment for the statutory
			 limit;
(10) "
Income
			 year
" means the corporation's fiscal year in which the corporation
			 incurred direct costs for traffic reduction programs and services related
			 thereto;
(11) "
Maximum
			 eligible credit
" means the amount of credit calculated for each
			 corporation by the department prior to adjustment for the statutory
			 limit;
(12) "
Participating
			 employee
" means an affected employee who utilizes a commute option at
			 least 1 day per week, as certified by the qualified corporation
			 employer;
(13) "
Plan
"
			 means any plan submitted by an affected employer pursuant to section
			 13b-38p
			 of the Connecticut General Statutes.
(14) "
Statutory Limit
" means the
			 total amount of credits available under section
			 12-217
			 of the Connecticut General Statutes to all qualified corporations in a single
			 credit year; and
(15) "
Work
			 Location
" means a site, building, group of buildings or set of
			 contiguous buildings or portion thereof, under ownership, operation or control
			 of an affected employer where employees perform work.
Connecticut Administrative Code › Title 12 - Taxation › 217s - The Traffic Reduction Tax Credit Program › Section 12-217s-2 - Qualification for the credit

Current through July 10, 2024
Only qualified corporations are eligible for the Traffic
				Reduction Tax Credit. A qualified corporation is a corporation that:
(1) Is an affected employer;
(2) Participates in the traffic reduction
			 program pursuant to sections
			 13b-38o through
			 13b-38x,
			 inclusive, of the Connecticut General Statutes;
(3) Has incurred, on or after January 1,
			 1995, direct costs to implement a traffic reduction program at each work
			 location; and
(4) Has a plan that
			 has been approved by the department.
Connecticut Administrative Code › Title 12 - Taxation › 217s - The Traffic Reduction Tax Credit Program › Section 12-217s-3 - Limitations

Current through July 10, 2024
The amount of the credit in a single credit year a qualified
				corporation may claim expenses for the operation of the traffic reduction
				program shall be limited to whichever of the following amounts is the
				least:
(1) Fifty percent of the
			 approved direct costs incurred by the corporation during the credit
			 year;
(2) $250 per participating
			 employee;
(3) The amount certified
			 by the department after adjusting for the statutory limit; or
(4) The amount of tax imposed upon such
			 corporation under Chapter 208 of the Connecticut General Statutes.
Connecticut Administrative Code › Title 12 - Taxation › 217s - The Traffic Reduction Tax Credit Program › Section 12-217s-4 - Traffic reduction plans

Current through July 10, 2024
A plan submitted to and approved by the department and in
				effect on November 14, 1996 shall be deemed to be a traffic reduction plan. A
				qualified corporation's traffic reduction plan shall be deemed to have remained
				in effect during the period November 15, 1996 to the final adoption of these
				regulations provided the qualified corporation submits an annual update
				pursuant to section 38b-138p of the Connecticut General Statutes within 180
				days of the adoption of these regulations.
Connecticut Administrative Code › Title 12 - Taxation › 217s - The Traffic Reduction Tax Credit Program › Section 12-217s-5 - Approval of plans and annual updates

Current through July 10, 2024
(a) Upon receipt of
			 a traffic reduction plan, annual update, or their revisions, the department
			 shall evaluate the plan or annual update.
(b) The department shall notify the affected
			 employer by mail that the plan or annual update is approved, approved with
			 conditions, or disapproved.
Connecticut Administrative Code › Title 12 - Taxation › 217s - The Traffic Reduction Tax Credit Program › Section 12-217s-6 - Direct costs

Current through July 10, 2024
(a) A direct cost
			 is a cost that:
(1) Directly supports a
			 traffic reduction program and was incurred primarily for the purpose of
			 encouraging or supporting the use of a trip reduction measure;
(2) Can be audited using generally accepted
			 accounting procedures; and
(3) Is
			 customary and reasonable in amount for the service or the product.
Connecticut Administrative Code › Title 12 - Taxation › 217s - The Traffic Reduction Tax Credit Program › Section 12-217s-7 - Application for tax credit

Current through July 10, 2024
(a) A qualified
			 corporation shall apply for the tax credit on the department's form. No
			 qualified corporation may claim the credit on its corporation business tax
			 return unless it has received written notification from the department
			 approving the amount of the affected employer's certified credit pursuant to
			 section
			 12-217s-9
			 of the Regulations of Connecticut State Agencies. Applications shall be made in
			 accordance with this section:
(b)
			 Qualified corporations shall submit a completed application form to the
			 department by 4:00 p.m. on July 1st (if July 1st is a Saturday, Sunday or
			 holiday, by 4:00 p.m. on the first business day following July 1st).
(c) Application forms shall include the
			 following information:
(1) The corporation's
			 name, address, Connecticut tax registration number and Federal employer
			 identification number;
(2) All
			 direct costs incurred for each income year on or after January 1, 1995
			 contained in the application;
(3)
			 The number of participating employees;
(4) All information requested by the
			 Commissioner on the application form;
(5) Signature of a duly authorized officer of
			 the corporation and evidence of the signatory's authority made under penalty of
			 false statement as provided in sections
			 53a-157b
			 of the Connecticut General Statutes; and
(6) The income year for which the application
			 for credits is being filed.
Connecticut Administrative Code › Title 12 - Taxation › 217s - The Traffic Reduction Tax Credit Program › Section 12-217s-8 - Department determination of eligible credit

Current through July 10, 2024
(a)
			 Each corporation's eligible credit shall be determined by the department on or
			 before November 1st of each year, by the following procedure.
(1) The department shall compare the direct
			 costs on the application form and the reduction measures in the approved plan
			 or annual update (for each work location, if more than one) to determine if the
			 direct costs on the application support the traffic reduction measures, and are
			 reasonable for the level of effort described in the plan or annual update. If
			 the department determines that the costs support the traffic reduction measures
			 and are reasonable for the level of effort described in the plan, the
			 department will approve the direct costs on the application.
Connecticut Administrative Code › Title 12 - Taxation › 217s - The Traffic Reduction Tax Credit Program › Section 12-217s-9 - Certification of eligible credit

Current through July 10, 2024
The department will issue to each qualified corporation that
				has claimed a credit, written notification designating the amount that may be
				claimed on the corporation's corporate business tax return. For income years
				commencing prior to January 1, 1998, the department will instruct the
				corporation regarding which income year the corporation shall take the credit
				against its tax. For income years commencing on or after January 1, 1998, the
				corporation shall take the credit against its tax for the income year in which
				it incurred the expenditures.
Connecticut Administrative Code › Title 12 - Taxation › 217s - The Traffic Reduction Tax Credit Program › Section 12-217s-10 - Document production and record keeping

Current through July 10, 2024
Copies of all records and documents generated by or on behalf
				of the corporation pursuant to sections
				12-217s-1
				through 12-217s-10, inclusive, of the Regulations of Connecticut State
				Agencies, shall be retained so long as the contents thereof may become material
				in the administration of the tax imposed under Chapter 208 of the Connecticut
				General Statutes.
Connecticut Administrative Code › Title 12 - Taxation › 217y - Hiring Incentive Tax Credit Program › Section 12-217y-1 - Definitions

Current through July 10, 2024
As used in sections 12-217y-1 through
				12-217y-8,
				inclusive, of the Regulations of Connecticut State Agencies:
(1) "Application period" means July 1 through
			 December 31;
(2) "Business firm"
			 means a "business firm," as defined in section
			 12-217y of
			 the Connecticut General Statutes;
(3) "Commissioner" or "Labor Commissioner"
			 means the Commissioner of the Connecticut Department of Labor;
(4) "Department" means the Connecticut
			 Department of Labor;
(5) "Employed"
			 means being in the service of another under any contract of hire creating the
			 relationship of employer and employee or participating in a job training
			 program approved by the Labor Commissioner, as defined in subsection (8) of
			 this section;
(6) "Fiscal year"
			 means the State's fiscal year, which begins July 1 and ends June 30;
(7) "Income year" means a specific twelve
			 month period conforming to a taxable year established by the business firm for
			 tax purposes under Chapter 208 of the Connecticut General Statutes;
(8) "Job training program approved by the
			 Labor Commissioner" means
(A) training that is
			 sponsored or approved by the State Department of Labor,
(B) any training approved pursuant to Section
			 31-236b-1 of
			 the Regulations of Connecticut State Agencies, or
(C) training that is sponsored by any other
			 department of state or federal government or municipality or regional workforce
			 development board established under section
			 31-3k
			 of the Connecticut General Statutes in the State, or any labor organization, or
			 private employer which provides the individual with educational and/or skill
			 development opportunities to enhance the individual's employability and meets
			 the approval of the Commissioner;
Connecticut Administrative Code › Title 12 - Taxation › 217y - Hiring Incentive Tax Credit Program › Section 12-217y-2 - Program purpose

Current through July 10, 2024
This program provides eligible business firms with a
				corporation business tax credit of $125 for each full calendar month that the
				business firm employs an individual who has received for more than nine months,
				and continues to receive, benefits from the temporary family assistance
				program. The total amount of credits awarded to all eligible business firms
				through the Hiring Incentive Tax Credit Program is limited to $1 million per
				fiscal year.
Connecticut Administrative Code › Title 12 - Taxation › 217y - Hiring Incentive Tax Credit Program › Section 12-217y-3 - Application and approval process

Current through July 10, 2024
(a) Business firms
			 shall submit their applications for credits under the Hiring Incentive Tax
			 Credit Program annually to the Commissioner within the application period. The
			 Commissioner shall approve or disapprove each application within sixty (60)
			 days of receipt based upon the information submitted, the timeliness of the
			 application, and the amount of tax credits remaining in the annual allotment
			 for the fiscal year.
(b) The
			 Department shall process applications in the order which they are
			 received.
(c) With its application
			 for the Hiring Incentive Tax Credit, each business firm shall furnish to the
			 Department:
(1) The business firm's
			 Connecticut Tax Registration Number and Federal Employer Identification
			 number;
(2) The business firm's
			 principal place of business;
(3)
			 The number of employees working in the State of Connecticut as of the time of
			 application;
(4) The beginning and
			 ending date of the business firm's income year for tax purposes;
(5) The amount of tax credits requested by
			 the business firm;
(6) The number
			 of work sites located in Connecticut; and
(7) A job order for each position to be
			 filled by a qualifying employee which indicates:
(A) The number of hours of work per
			 week;
(B) The nature of the
			 position;
(C) The nature of any job
			 training involved with the position; and
(D) The projected employment starting
			 date.
Connecticut Administrative Code › Title 12 - Taxation › 217y - Hiring Incentive Tax Credit Program › Section 12-217y-4 - Allocation of tax credit

Current through July 10, 2024
If the Commissioner approves the application, and the maximum
				number of allowable tax credit reservations for that fiscal year has not yet
				been allocated, the Commissioner shall allocate and reserve an amount of tax
				credits for such firm as provided in subsections (e) and (f) of section
				12-217y-3
				of the Regulations of Connecticut State Agencies. If tax credit reservations
				remain available at the close of the application period, additional tax credit
				reservations may then be approved by date of request up to the maximum
				available credits remaining.
Connecticut Administrative Code › Title 12 - Taxation › 217y - Hiring Incentive Tax Credit Program › Section 12-217y-5 - Certification process

Current through July 10, 2024
(a) Any business
			 firm seeking the tax credit shall apply for and receive certification from the
			 Department that the employee for whom it is seeking the tax credit is a
			 qualifying employee before the business firm can claim the tax credit on its
			 Connecticut corporation business tax return. To apply for certification,
			 business firms shall submit, by letter postmarked not later than the
			 twenty-first day after an employee's employment starting date:
(1) The name of the qualifying employee on
			 the form provided by the Department and a statement indicating that the
			 individual is and has been receiving Temporary Family Assistance for more than
			 nine consecutive months at the time of the employment starting date;
			 and
(2) The Social Security number
			 of the qualifying employee.