General Assembly Proposed Bill No. 374 January Session, 2015 LCO No. 1891 *01891* Referred to Committee on FINANCE, REVENUE AND BONDING Introduced by: SEN. FORMICA, 20th Dist. General Assembly Proposed Bill No. 374 January Session, 2015 LCO No. 1891 *01891* Referred to Committee on FINANCE, REVENUE AND BONDING Introduced by: SEN. FORMICA, 20th Dist. AN ACT ELIMINATING THE BUSINESS ENTITY TAX. Be it enacted by the Senate and House of Representatives in General Assembly convened: That section 12-284b of the general statutes be repealed. Statement of Purpose: To provide tax relief to small businesses by repealing the business entity tax.