February Session, 2010
LCO No. 4895
REP. DONOVAN, 84th Dist.
REP. MERRILL, 54th Dist.
SEN. WILLIAMS, 29th Dist.
SEN. LOONEY, 11th Dist.
REP. CAFERO, 142nd Dist.
SEN. MCKINNEY, 28th Dist.
REP. BERGER, 73rd Dist.
SEN. LEBEAU, 3rd Dist.
REP. PERONE, 137th Dist.
REP. ALBERTS, 50th Dist.
SEN. FRANTZ, 36th Dist.
(As Amended by House Amendment Schedule "A")
"AN ACT CONCERNING THE RECOMMENDATIONS OF THE MAJORITY LEADERS' JOB GROWTH ROUNDTABLE. "
Strike subsection (d) of section 14 in its entirety and insert the following in lieu thereof:
"[(j)] (d) The tax credit allowed by this section shall only be available for investments (1) in funds that are not open to additional investments or investors beyond the amount subscribed at the formation of the fund, or (2) under subsection (c) of this section, in insurance reinvestment funds that are not open to additional investments or investors after submission of the insurance reinvestments fund's application to the commissioner pursuant to subsection (c) of this section. [No credits shall be allowed under this section for investments in any fund created on or after July 1, 2000. No credit] On and after June 30, 2010, no eligibility certificate shall be [allowed] provided under subdivision (6) of subsection (b) of this section for investments made in an insurance business. [through such fund after December 31, 2015. ] On or after July 1, 2011, no credit shall be allowed under subdivision (2) or (6) of subsection (b) of this section for an investment of less than one million dollars for which the commissioner has issued an eligibility certificate. A fund manager who has received an eligibility certificate but is not yet eligible to receive a certificate of continued eligibility shall provide documentation satisfactory to the commissioner not later than June 30, 2011, of its investment of one million dollars or more. Such documentation shall include, but is not limited to, cancelled checks, wire transfers, investment agreements or other documentation as the commissioner may request. On and after July 1, 2011, the commissioner shall revoke the certificate of eligibility for any insurance business for which its fund manager failed to provide sufficient documentation of said investment of not less than one million dollars. Any credit allowed under subsection (b) or subsection (g) of this section that has not been claimed prior to January 1, 2010, may be carried forward pursuant to subsection (i) of this section."
Strike subsection (g) of section 14 in its entirety and insert the following in lieu thereof:
"[(l)] (g) Any taxpayer allowed a credit under subsection (b) of this section may assign such credit to another person, provided such person may claim such credit only with respect to a calendar year for which the assigning taxpayer would have been eligible to claim such credit. The fund manager shall include in the report filed with the Commissioner of Revenue Services in accordance with subdivision (1) of subsection (b) of this section information requested by the commissioner regarding such assignments including the current holders of credits as of the end of the preceding calendar year. "
Strike subsection (j) of section 14 in its entirety and insert the following in lieu thereof:
"[(o)] (j) The commissioner, with the approval of the Commissioner of Revenue Services and the Secretary of the Office of Policy and Management, may adopt regulations in accordance with chapter 54 to carry out the purposes of this section. "
Strike subsection (f) of section 16 and insert the following in lieu thereof:
"(f) The administrative staff of the joint standing committee of the General Assembly having cognizance of matters relating to government administration shall serve as administrative staff of the task force. "
Strike subsection (g) of section 16 in its entirety and insert the following in lieu thereof:
"(g) Not later than February 1, 2011, the task force shall submit a report electronically on its findings and recommendations to the joint standing committees of the General Assembly having cognizance of matters relating to commerce and government administration, in accordance with the provisions of section 11-4a of the general statutes. "