Page 574
House Bill No. 5506
Public Act No. 22-118 574 of 739
the general statutes. The commissioner shall annually provide to the Commissioner of Revenue Services a report detailing all rebate vouchers that have been issued under this section. (k) Beginning on January 1, 2023, and annually thereafter, the commissioner, in consultation with the office of the State Comptroller and the Auditors of Public Accounts, shall submit a report to the Office of Policy and Management on the expenses of the JobsCT tax rebate program and the number of FTEs and discretionary FTEs created and maintained. Sec. 421. (NEW) (Effective July 1, 2022, and applicable to taxable years commencing on or after January 1, 2023) As used in this section, "affected business entity" and "member" have the same meanings as provided in subsection (a) of section 12-699 of the general statutes. An affected business entity that receives a rebate under section 420 of this act shall claim such rebate as a credit against the tax due under chapter 228z of the general statutes. If the amount of the rebate allowed pursuant to section 420 of this act exceeds the liability for the tax imposed under chapter 228z of the general statutes, the Commissioner of Revenue Services shall treat such excess as an overpayment and shall refund the amount of such excess, without interest, to the taxpayer. With respect to an affected business entity granted a rebate pursuant to section 420 of this act, the credit available to the members of such entity pursuant to subdivision (1) of subsection (g) of section 12-699 of the general statutes shall be based upon the amount of tax due under chapter 228z of the general statutes from such entity prior to the application of the rebate granted pursuant to section 420 of this act and any other payments made against such tax due. Sec. 422. Subsection (b) of section 12-211a of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022, and applicable to taxable years commencing on or after January 1, 2023):