OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT EXTENDING THE JOB EXPANSION TAX CREDIT PROGRAM.
OFA Fiscal Note
The bill, which extends the sunset on the Job Expansion Tax Credit (JET) by a year, does not result in any fiscal impact to the state or municipalities since it is anticipated that the program will exhaust the full $40 million in tax credits available under current law.
According to the Department of Economic and Community Development, approximately $17.7 million credits out of the total $40 million available have already been awarded, of which $13.5 million is for JET.1 Assuming all JET credit-eligible jobs are maintained by applicants through the program's entire 3-year credit award period, this would result in an additional $22.4 million awarded under the current program.
The Out Years
Department of Economic and Community Development
1 Under current law, total JET, Jobs Creation, Small Business Jobs Creation, and Vocational Rehabilitation Job Creation tax credits may not exceed $40 million in aggregate.