Connecticut House Bill HB06076

Connecticut 2015 Regular Session

• Introduced: 1/22/15
• Refer: 1/22/15

Caption

An Act Repealing The Connecticut Personal Alternative Minimum Tax.

Impact

The repeal of the alternative minimum tax is expected to have significant implications for state revenue and the tax landscape in Connecticut. By eliminating this provision, the state may see a decrease in tax revenue from higher-income individuals, potentially impacting state-funded programs and services that rely on such income. Supporters of the repeal argue that it simplifies the tax code and promotes fairness by reducing the complexity associated with calculating the AMT, while opponents may express concerns about the loss of revenue and the implications for the state budget.

Summary

House Bill 6076 proposes the repeal of the Connecticut Personal Alternative Minimum Tax (AMT) provisions found in sections 12-700a and 12-701 of the general statutes. The bill has been introduced by Representative Steinberg and has been referred to the Finance, Revenue and Bonding Committee. The intent of repealing the AMT is to alleviate the tax burden on certain taxpayers who may be affected by this specific tax structure, which is designed to ensure that individuals with higher incomes pay at least a minimum level of tax despite deductions and credits that may otherwise decrease their tax liability to a lower rate.

Contention

The debate surrounding HB 6076 may revolve around the broader implications of tax cuts and revenue generation within the state. Some may argue that repealing the AMT benefits wealthier taxpayers disproportionately, while others might see it as a necessary adjustment to promote economic growth and fiscal fairness. Furthermore, how this repeal integrates with overall tax reforms in Connecticut could be a focal point of discussion, as lawmakers weigh the balance between encouraging investment and ensuring adequate public funding.

Notable_points

The discussion about repealing the AMT can evoke discussions about equitable taxation and accountability for state services. As the bill progresses through the legislative process, stakeholders from various sectors, including economic analysts, advocacy groups, and taxpayers themselves, may weigh in on its potential impact on economic conditions and social equity in the state.