General Assembly Proposed Bill No. 5702
January Session, 2011 LCO No. 2141
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
REP. O'BRIEN T., 24th Dist.
General Assembly
Proposed Bill No. 5702
January Session, 2011
LCO No. 2141
Referred to Committee on Finance, Revenue and Bonding
Introduced by:
REP. O'BRIEN T., 24th Dist.
AN ACT CONCERNING A PROGRESSIVE CORPORATE INCOME TAX.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That the general statutes be amended to replace the flat seven and one-half per cent corporate income tax with progressive rates as follows: Net corporate income of less than five hundred thousand dollars would be taxed at five per cent, net corporate income from five hundred thousand dollars to ten million dollars at seven and one-half per cent and net corporate income over ten million dollars at ten per cent.
Statement of Purpose:
To make the corporate income tax progressive, with a 5% rate for net incomes of less than $500,000, a 10% rate for net incomes over $10 million and the current 7.5% for incomes from $500,000 to $10 million.