{"data":{"id":"us-ct/conn.-gen.-stat.-10a-109aaa","jurisdiction":"us-ct","citation":"Conn. Gen. Stat. § 10a-109aaa","heading":"Tax credit incentive program.","body":"(a) As used in this section, (1) “qualified agreement” means a written agreement with The University of Connecticut in accordance with the tax credit incentive program established pursuant to subsection (b) of this section, and (2) “taxpayer” means any person, as defined in section 12-1, whether or not subject to any taxes levied by this state, that has executed a qualified agreement.\n(b) The University of Connecticut is authorized to establish and administer a tax credit incentive program for the purposes of encouraging the promotion and public recognition of the university and its programs, services or mission. The university shall adopt, update and implement such policies and procedures as are necessary to carry out the provisions of this section.\n(c) (1) There shall be allowed a credit against the tax imposed under chapter 207, 208, 209, 210, 211, 212, 228z or 229, other than the liability imposed by section 12-707, for payments made in accordance with the tax credit incentive program by a taxpayer for a taxable or an income year, as applicable, pursuant to a qualified agreement executed on or after July 1, 2025, or an earlier date on which the university adopts or updates its policies and procedures under subsection (b) of this section. The amount of the credit shall be fifty per cent of the payments made for a taxable or an income year, as applicable, and shall not exceed five hundred thousand dollars for any taxpayer for any taxable or income year. The aggregate amount of the credits allowed under this section shall not exceed five million dollars in any calendar year.\n(2) The credit allowed under this section shall not be subject to the limit set forth in subdivision (2) of subsection (a) of section 12-217zz.\n(d) (1) Any taxpayer that is subject to a tax imposed under a chapter set forth in subdivision (1) of subsection (c) of this section may apply to The University of Connecticut, in such form and manner as prescribed by the university, to reserve an allocation for a credit under this section. The application shall contain such information as the university deems necessary to administer the provisions of this section.\n(2) If the university determines that such taxpayer has satisfied the requirements of this section, the university shall reserve for the benefit of the taxpayer, on a first-come first-served basis, an allocation for a credit equal to fifty per cent of the amount of any payments made or to be made for the applicable taxable or income year.\n(e) (1) Each taxpayer shall request and obtain a voucher from The University of Connecticut to claim a credit on such taxpayer's state tax return. Such taxpayer shall provide any documentation the university requires to verify the amount of the payments made by the taxpayer pursuant to a qualified agreement. After such verification, the university shall issue a voucher to such taxpayer in an amount equal to fifty per cent of the payments made, subject to the limits set forth in subdivision (1) of subsection (c) of this section. The taxpayer shall file the voucher with the taxpayer's state tax return for the taxable or income year such payments were made and the Commissioner of Revenue Services shall grant a credit in the amount specified in the voucher to such taxpayer against any tax due under a chapter set forth in subdivision (1) of subsection (c) of this section.\n(2) If the taxpayer is an S corporation or an entity treated as a partnership for federal income tax purposes, the credit may be claimed by the taxpayer's shareholders or partners. If such taxpayer is a single member limited liability company that is disregarded as an entity separate from its owner, the credit may be claimed by such limited liability company's owner, provided such owner is subject to the tax imposed under a chapter set forth in subdivision (1) of subsection (c) of this section.\n(3) Any credit or portion thereof that is not used by the taxpayer for the taxable or income year such payments were made may be carried forward for the fifteen immediately succeeding taxable or income years, as applicable, until the full credit has been applied.\n(f) (1) If a taxpayer requests a voucher for an amount that exceeds the amount of the credit allocation reserved pursuant to subsection (d) of this section, The University of Connecticut may issue a voucher in such requested amount only if credits remain available under the aggregate limit set forth in subdivision (1) of subsection (c) of this section and the taxpayer provides documentation satisfactory to the university verifying that such requested amount has been paid by the taxpayer pursuant to a qualified agreement.\n(2) If a taxpayer that did not reserve a credit allocation under subsection (d) of this section requests a voucher for a credit under this section, the university may issue a voucher to such taxpayer only if credits remain available under the aggregate limit set forth in subdivision (1) of subsection (c) of this section and the taxpayer provides documentation satisfactory to the university verifying that such requested amount has been paid by the taxpayer pursuant to a qualified agreement.\n(3) The university shall give priority to taxpayers requesting a voucher under subdivision (1) of this subsection over taxpayers requesting a voucher under subdivision (2) of this subsection.\n(g) (1) Not later than January 31, 2026, and annually thereafter, The University of Connecticut shall provide a list to the Commissioner of Revenue Services of the vouchers issued to taxpayers pursuant to subsection (e) of this section for the preceding calendar year and the amount of each voucher issued.\n(2) Not later than March 31, 2026, and annually thereafter, the university shall submit a report, in accordance with the provisions of section 11-4a, to the joint standing committees of the General Assembly having cognizance of matters relating to finance, revenue and bonding and institutions of higher education, summarizing, for the preceding calendar year, the number and amounts of the credits reserved, the number and amounts of the vouchers issued and any other information the university deems informative to said committees to monitor the tax credit incentive program.","path":["TITLE 10a. STATE SYSTEM OF HIGHER EDUCATION","CHAPTER 185b. CONSTITUENT UNITS","PART III. THE UNIVERSITY OF CONNECTICUT"],"source_url":"https://www.cga.ct.gov/2026/sup/chap_185b.htm#sec_10a-109aaa","current_through":"Revised to January 1, 2026 (2026 Supplement to the General Statutes of Connecticut, applied over the base revision of January 1, 2025)","vintage":"","retrieved_at":"2026-09-06T19:07:21Z","sha256":"76f813b993b84f475617e08ac0fb8715ad6c895aee767b7404cd6a6879912ec7","source_id":"us-ct","stale":false,"prev":"us-ct/conn.-gen.-stat.-10a-108b","next":"us-ct/conn.-gen.-stat.-10a-132g"},"notice":"GroundRules: Original legal text. Not legal advice."}