Sec. 12-217bb. Tax credit for electric suppliers hiring displaced workers. - Connecticut Statutes

      Sec. 12-217bb. Tax credit for electric suppliers hiring displaced workers. (a) On and after July 1, 1998, there shall be allowed a credit against the tax imposed under this chapter on any electric supplier in the state other than a generation entity or affiliate of an electric company in an amount as provided in subsection (b) of this section with respect to each displaced worker hired by such electric supplier.

      (b) The amount of the credit shall be one thousand five hundred dollars with respect to each displaced worker and shall be allowed in the income year in which such displaced worker first completes six full months of full-time employment with the taxpayer.

      (c) The amount of credit allowed any taxpayer under this section for any income year shall not exceed the amount of tax due from such taxpayer under this chapter with respect to such income year. The credit allowed under this section shall be taken only once with respect to any displaced worker.

      (d) For the purposes of this section (1) "displaced worker" means any Connecticut employee, other than an officer or a director, of an electric company, as defined in section 16-1, or a generation entity or affiliate who has been terminated as a direct result of restructuring of the electric industry, and (2) "electric supplier" means a facility that provides electric generation services, as defined in said section 16-1.

      (P.A. 98-28, S. 47, 117.)

      History: P.A. 98-28 effective April 29, 1998, and applicable to income years commencing on or after January 1, 1999.