Section 12-217zz - Limit on credits under this chapter(a) Except as otherwise provided in subsection (b) of this section and sections 12-217aaa and 12-217 bbb, the amount of tax credit or credits otherwise allowable against the tax imposed under this chapter shall be as follows: (1) For any income year commencing on or after January 1, 2002, and prior to January 1, 2015, the amount of tax credit or credits otherwise allowable shall not exceed seventy per cent of the amount of tax due from such taxpayer under this chapter with respect to any such income year of the taxpayer prior to the application of such credit or credits;(2) For any income year commencing on or after January 1, 2015, the amount of tax credit or credits otherwise allowable shall not exceed fifty and one one-hundredths per cent of the amount of tax due from such taxpayer under this chapter with respect to any such income year of the taxpayer prior to the application of such credit or credits;(3) Notwithstanding the provisions of subdivision (2) of this subsection, any taxpayer that possesses excess credits may utilize the excess credits as follows: (A) For income years commencing on or after January 1, 2016, and prior to January 1, 2017, the aggregate amount of tax credits and excess credits allowable shall not exceed fifty-five per cent of the amount of tax due from such taxpayer under this chapter with respect to any such income year of the taxpayer prior to the application of such credit or credits;(B) For income years commencing on or after January 1, 2017, and prior to January 1, 2018, the aggregate amount of tax credits and excess credits allowable shall not exceed sixty per cent of the amount of tax due from such taxpayer under this chapter with respect to any such income year of the taxpayer prior to the application of such credit or credits;(C) For income years commencing on or after January 1, 2018, and prior to January 1, 2019, the aggregate amount of tax credits and excess credits allowable shall not exceed sixty-five per cent of the amount of tax due from such taxpayer under this chapter with respect to any such income year of the taxpayer prior to the application of such credit or credits;(D) For purposes of this subdivision, "excess credits" means any remaining credits available under section 12-217j, 12-217n or 32-9t after tax credits are utilized in accordance with subdivision (2) of this subsection;(4) Notwithstanding the provisions of subdivision (2) of this subsection, the aggregate amount allowable of tax credits and any remaining credits available under section 12-217j or 12-217n after tax credits are utilized in accordance with said subdivision shall not exceed (A) for income years commencing on or after January 1, 2022, and prior to January 1, 2023, sixty per cent of the amount of tax due from such taxpayer under this chapter with respect to any such income year of the taxpayer prior to the application of such credit or credits, and (B) for income years commencing on or after January 1, 2023, and prior to January 1, 2024, seventy per cent of the amount of tax due from such taxpayer under this chapter with respect to any such income year of the taxpayer prior to the application of such credit or credits.(5) Notwithstanding the provisions of subdivision (2) of this subsection, for income years commencing on or after January 1, 2024, the aggregate amount allowable of tax credits and any remaining credits available under section 12-217j or 12-217n or subparagraph (B) of subdivision (4) of subsection (b) of section 12-217x, after tax credits are utilized in accordance with subdivision (2) of this subsection shall not exceed seventy per cent of the amount of tax due from such taxpayer under this chapter with respect to any such income year of the taxpayer prior to the application of such credit or credits.(b) The amount of the rebate computed under section 32-7t shall be treated as a credit and may exceed the amount specified in subsection (a) of this section. If the amount of the rebate allowed pursuant to section 32-7t exceeds the taxpayer's liability for the tax imposed under this chapter, the commissioner shall treat such excess as an overpayment and shall refund the amount of such excess, without interest, to the taxpayer.Conn. Gen. Stat. § 12-217zz
( May 9 Sp. Sess. P.A. 02-1 , S. 59 ; P.A. 11-6 , S. 78 ; P.A. 15-244 , S. 88 ; Dec. Sp. Sess. P.A. 15-1 , S. 29 ; June Sp. Sess. P.A. 17-2 , S. 703 .)
Amended by P.A. 24-0151,S. 95 of the Connecticut Acts of the 2024 Regular Session, eff. 10/1/2024.Amended by P.A. 23-0204,S. 351 of the Connecticut Acts of the 2023 Regular Session, eff. 1/1/2024.Amended by P.A. 22-0118, S. 423 of the Connecticut Acts of the 2022 Regular Session, eff. 7/1/2022.Amended by P.A. 21-0002, S. 426 of the Connecticut Acts of the 2021 Special Session, eff. 6/23/2021.Amended by P.A. 19-0117, S. 349 of the Connecticut Acts of the 2019 Regular Session, eff. 6/26/2019, op. for taxable years commencing on or after January 1, 2019.Amended by P.A. 17-0002, S. 703 of the Connecticut Acts of the 2017 Special Session, eff. 10/31/2017.Amended by P.A. 15-0001, S. 29 of the Connecticut Acts of the 2015 Second Special Session, eff. 12/29/2015.Amended by P.A. 15-0244, S. 88 of the Connecticut Acts of the 2015 Regular Session, eff. 6/30/2015.Amended by P.A. 11-0006, S. 78 of the the 2011 Regular Session, eff. 5/4/2011, op. 1/1/2011.