Connecticut House Bill HB05853

Connecticut 2013 Regular Session

• Introduced: 1/24/13
• Refer: 1/24/13

Caption

An Act Concerning Corporation Business Tax Transparency.

Impact

If passed, this bill would result in a significant change in how publicly-traded corporations report their tax obligations. By requiring formal disclosures, the state government aims to create a more transparent environment that allows for better assessment of corporate tax contributions. This information could enable more informed discussions around tax policy and corporate responsibility, potentially fostering a climate of fairness and accountability among businesses operating within the state.

Summary

House Bill 05853, titled 'An Act Concerning Corporation Business Tax Transparency,' aims to enhance transparency regarding the taxation of publicly-traded corporations operating in Connecticut. The bill mandates that these corporations file an annual statement with the state Comptroller, detailing the taxes they have paid to Connecticut. The primary goal of this legislation is to provide clearer insights into the contributions these corporations make to the state's tax revenue, which is critical for public accountability and informed policymaking.

Contention

While the bill is positioned as a tool for transparency, it is likely to generate debate among legislators and business leaders. Supporters argue that this would discourage tax evasion and ensure that large corporations contribute their fair share to state finances. However, opponents may raise concerns about the additional administrative burden it places on corporations and the possible reluctance of businesses to engage in Connecticut's market due to perceived increased scrutiny. This tension between transparency and operational freedom will be a significant point of contention as the bill moves through the legislative process.