Page 576

House Bill No. 5506

Public Act No. 22-118 576 of 739

shall be treated as an offset of the tax due under chapter 207 and may exceed the amount specified in subsection (a) of this section. If the amount of the rebate allowed pursuant to section 420 of this act exceeds the taxpayer's liability for the tax imposed under this chapter, the commissioner shall treat such excess as an overpayment and shall refund the amount of such excess, without interest, to the taxpayer. Sec. 423. Subsection (b) of section 12-217zz of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2022, and applicable to taxable years commencing on or after January 1, 2023): [(b) (1) For an income year commencing on or after January 1, 2011, and prior to January 1, 2013, the amount of tax credit or credits otherwise allowable against the tax imposed under this chapter for such income year may exceed the amount specified in subsection (a) of this section only by the amount computed under subparagraph (A) of subdivision (2) of this subsection, provided in no event may the amount of tax credit or credits otherwise allowable against the tax imposed under this chapter for such income year exceed one hundred per cent of the amount of tax due from such taxpayer under this chapter with respect to such income year of the taxpayer prior to the application of such credit or credits. (2) (A) The taxpayer's average monthly net employee gain for an income year shall be multiplied by six thousand dollars. (B) The taxpayer's average monthly net employee gain for an income year shall be computed as follows: For each month in the taxpayer's income year, the taxpayer shall subtract from the number of its employees in this state on the last day of such month the number of its employees in this state on the first day of its income year. The taxpayer shall total the differences for the twelve months in such income year, and such total, when divided by twelve, shall be the taxpayer's average monthly net employee gain for the income year. For purposes of this