Businesses looking to expand in or relocate to Connecticut will see benefits and tax rebates from the new JobsCT Rebate Program.
On February 10th, Governor Lamont proposed a new hiring incentive program, which he describes as a "simple, transparent, targeted, earn-as-you-grow incentive program for businesses to expand in or relocate to Connecticut." The JobsCT Tax Rebate Program benefits organizations as jobs are created and maintained over time into emerging and focus industries.
Jobs CT Tax Rebate Program Overview
- Incentivize employers in focus industries to create a minimum of 25 new FTE positions with salaries above $37,500 or 85% median household income of the municipality where the jobs will be located
- Employers that hit and maintain those benchmarks for at least 2 years will receive a fully refundable rebate equal to 25% of the withholding taxes from the new FTEs over the next 5 - 7 years
- Rebates per job range from $1,000 to $5,000 per year, except for jobs that are created in calendar year 2021, which will have a minimum rebate of $2,000 per employee.
- Rebates per employer are capped at $40 million in tax rebates per fiscal year under this program
- Re-hiring for jobs lost as a result of the COVID-19 pandemic will not count towards the minimum 25 new FTEs
The investments in strengths of today will lead to ecosystems of the future. The proposal is targeted at the audiences that are integrated with CT's broader economic development.
Focus Industries That Can Benefit From The JobsCT Rebate Program
- Aerospace and Defense
- Clean Energy and Renewables
- Entertainment and Digital Media
- Financial Services
- Information Technology
- Life Sciences
- Manufacturing
- R&D Facilities
For more information and benefits about the JobsCT Tax Rebate Program, please visit ct.gov/Office-of-the-Governor/JobsCT-Tax-Rebate-Program.
