Page 563

House Bill No. 5506

Public Act No. 22-118 563 of 739

exchange any credit allowed under subsection (b) of this section for a credit refund equal to the value of the credit. Any amount of credit refunded under this subsection shall be refunded to the qualified small business in accordance with the provisions of this chapter or chapter 207, as applicable. No interest shall be allowed or paid on any amount of credit refunded under this subsection. Any amount of credit refunded under this subsection shall be subject to the provisions of section 12-39h. (2) Each application for a credit refund under this subsection shall be filed, on such forms and containing such information as prescribed by the commissioner, on or before the original due date of the return prescribed under section 12-205 or 12-222, as applicable, for the calendar or income year for which such credit was earned or, if applicable, the extended due date of such year's return. No application for a credit refund under this subsection may be filed after the due date or extended due date, as the case may be, of such return. Sec. 420. (NEW) (Effective July 1, 2022, and applicable to taxable years commencing on or after January 1, 2023) (a) As used in this section: (1) "Commissioner" means the Commissioner of Economic and Community Development; (2) "Discretionary FTE" means an FTE that is paid qualified wages and does not meet the threshold wage requirements to be a qualified FTE but is approved by the commissioner pursuant to subdivision (4) of subsection (c) of this section; (3) "Distressed municipality" has the same meaning as provided in section 32-9p of the general statutes; (4) "Full-time equivalent" or "FTE" means the number of employees employed at a qualified business, calculated in accordance with subsection (d) of this section;