Connecticut House Bill HB05406

Connecticut 2011 Regular Session

• Introduced: 1/19/11
• Refer: 1/19/11

Caption

An Act Concerning Public Access To Information On Tax Incentives Received By Businesses.

Impact

By mandating public access to information on tax incentives, HB 5406 seeks to foster accountability among businesses that receive such benefits. Lawmakers will be better equipped to evaluate the effectiveness of these incentives in terms of job creation and overall economic impact. It is anticipated that increased transparency will lead to more informed legislative decisions and potentially guide future policy design regarding tax incentives.

Summary

House Bill 5406 aims to enhance transparency regarding the tax incentives received by businesses. The proposed legislation requires the Commissioner of Revenue Services to maintain and publicly provide a list of various business entities that have claimed any form of tax relief, such as deductions, credits, reduced tax rates, or exemptions. This initiative is rooted in the need for lawmakers and the public to have greater access to information about how tax incentives are utilized and their implications for economic development.

Contention

While proponents of the bill, including some legislators and public advocacy groups, argue that it is a necessary step towards greater accountability, there may be opposition from business interests concerned about the implications of public scrutiny. These entities could fear that the publication of their tax benefits might lead to unwarranted public backlash or distract from their contributions to economic activity. Balancing the need for transparency with the interests of businesses remains a point of contention that could arise during discussions surrounding the bill.