JET Speed for Improved Tax Credit
Highlighting the need to get people back to work in Connecticut, “JET” is not just a new name for an improved tax-credit program for small-business job creation, it also describes how fast the state must act on employers’ applications.
JET stands for Job Expansion Tax Credits, which combines three previous state job-creation tax credits into an expanded new one that can be applied against the insurance premium, corporation business, utility company, or personal income tax.
Credits apply to jobs created between Jan. 1, 2012, and Jan. 1, 2014. Tax-credit amounts are increased to $500 per month per job created, or $900 per month for the hiring of individuals who are unemployed, disabled or veterans. Both pass-through entities and C corps will be able to take advantage of the program.
JET also requires the Department of Economic and Community Development (DECD) to act on each completed application within 30 days of receiving it.
Several rules determine eligibility for the credits. For example, companies with 50 or fewer employees must create at least one new job, and those with between 51 – 100 employees must create at least 10 jobs.
Qualifying new jobs require at least 35 hours of work per week for 48 weeks, or 20 hours per week for the overall duration if the employee is receiving or has exhausted unemployment benefits. Temporary or seasonal work is not eligible.
JET still has the same $20 million total cap that the previous system had, and businesses claiming a job-expansion tax credit can’t count it toward other credits the law allows.
Interested employers can get face-to-face help or apply for JET at any of the DECD events taking place across Connecticut. They may also contact the DECD’s Tricia Paesani at 860.270.8215 or firstname.lastname@example.org; or visit the DECD website to learn more.
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