Connecticut General Statutes 12-217tt – Tax credit for contributions into ABLE accounts of employees
(a)(1) There shall be allowed a credit against the tax imposed under this chapter or chapter 229, other than the liability imposed by section 12-707, for contributions made by taxpayers into the ABLE accounts of employees who are employed by such taxpayers. For purposes of this section, “ABLE account” has the same meaning as provided in section 3-39j.
Terms Used In Connecticut General Statutes 12-217tt
- company: means any person, partnership, association, company, limited liability company or corporation, except an incorporated municipality. See Connecticut General Statutes 12-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- person: means any individual, partnership, company, limited liability company, public or private corporation, society, association, trustee, executor, administrator or other fiduciary or custodian. See Connecticut General Statutes 12-1
(2) The amount of the credit shall be equal to the amount of the contributions made by the taxpayer into the ABLE accounts of employees of such taxpayer during the income or taxable year, provided the amount of credit allowed for any income or taxable year with respect to a specific employee shall not exceed two thousand five hundred dollars.
(b) 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 shareholders or partners of the taxpayer. If the 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 a person subject to the tax imposed under this chapter or chapter 229.