THE INCENTIVES PROGRAM - TIP

On June 12, 2023, Governor Ned Lamont signed House Bill 6941 into law, thereby amending the tax credit claim against sales and use tax. For income years commencing on or after January 1, 2024, but prior to January 1, 2026, this amendment allows the production company or taxpayer claiming the credit against sales and use tax to claim 92% of the amount of such credit entered by the department on the production tax credit voucher. The amount of the credit that may be claimed reverts back to 78% after December 31, 2025.