Connecticut § 12-217cc Tax credit for certain small businesses obtaining financing from federal Small Business Administration. For income years commencing prior to January 1, 2014.

Connecticut Statutes

§ 12-217cc — Tax credit for certain small businesses obtaining financing from federal Small Business Administration. For income years commencing prior to January 1, 2014.

Connecticut·Title 12 Taxation·Ch. 208 Corporation Business Tax

(a)As used in this section, “small business” means any business entity qualifying as a small business under 13 CFR Part 121 which has gross receipts of not more than five million dollars for the income year in which the credit is first allowed.

(b)In any income year commencing prior to January 1, 2014, there shall be allowed as a credit against the tax imposed by this chapter in any income year an amount equal to the amount paid during such income year by a small business to the federal Small Business Administration as a guaranty fee to obtain guaranteed financing from the federal Small Business Administration, provided the credit shall not reduce the tax in any income year below any minimum tax required under this chapter.

(c)If the amount of the credit allowable under this section exc

Free access — add to your briefcase to read the full text and ask questions with AI

(a) As used in this section, “small business” means any business entity qualifying as a small business under 13 CFR Part 121 which has gross receipts of not more than five million dollars for the income year in which the credit is first allowed. (b) In any income year commencing prior to January 1, 2014, there shall be allowed as a credit against the tax imposed by this chapter in any income year an amount equal to the amount paid during such income year by a small business to the federal Small Business Administration as a guaranty fee to obtain guaranteed financing from the federal Small Business Administration, provided the credit shall not reduce the tax in any income year below any minimum tax required under this chapter. (c) If the amount of the credit allowable under this section exceeds the sum of any taxes paid by the small business after all other credits have first been applied, any such excess amount of the credit allowable under this section may be taken in any of the four succeeding income years.

Connecticut § 12-217cc (Tax credit for certain small businesses obtaining financing from federal Small Business Administration. For income years commencing prior to January 1, 2014.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

(P.A. 99-173, S. 42, 65; P.A. 10-75, S. 28.) History: P.A. 99-173 effective June 23, 1999, and applicable to income years commencing on or after January 1, 1999; P.A. 10-75 amended Subsec. (b) to specify that credit shall be allowed in any income year commencing prior to January 1, 2014, effective July 1, 2010.