Connecticut 2015 Regular Session

Connecticut Senate Bill SB00541

Introduced
1/22/15  
Introduced
1/22/15  
Refer
1/22/15  

Caption

An Act Concerning A Tax Credit For New Hires And Exempting Employers From Corporate Taxes.

Impact

The implementation of SB00541 is anticipated to have a significant impact on state laws related to taxation and economic incentives for businesses. By introducing tax credits for new hires, the bill is designed to alleviate some of the financial burdens that employers face when expanding their workforce. Furthermore, the corporate tax exemption for new businesses could encourage entrepreneurship and attract out-of-state companies looking to start operations in the state, thereby contributing to overall economic growth and job creation.

Summary

SB00541, titled 'An Act Concerning A Tax Credit For New Hires And Exempting Employers From Corporate Taxes,' aims to stimulate job growth by providing financial incentives to employers. The bill proposes a tax credit for companies that hire new employees and sets forth provisions to exempt newly established businesses from corporate taxes for a duration of five years. This initiative seeks to create a more favorable environment for establishing new businesses, fostering both economic development and employment opportunities within the state.

Contention

Notable points of contention surrounding SB00541 typically revolve around the effectiveness and implications of such tax incentives. Supporters argue that the bill could lead to substantial job growth and economic rejuvenation, particularly in struggling communities. Conversely, critics may raise concerns about the potential loss of tax revenue for the state, questioning whether the long-term benefits will outweigh the costs of implementing these tax credits and exemptions. There may also be apprehensions regarding the adequacy of oversight to ensure that these measures truly benefit the intended recipients and do not disproportionately favor larger corporations over small businesses.

Companion Bills

No companion bills found.

Previously Filed As

CT SB00085

An Act Concerning The Corporation Business Tax Surcharge.

CT SB00086

An Act Concerning The Corporation Business Tax Surcharge.

CT SB00081

An Act Exempting Certain Articles Of Clothing From The Sales And Use Taxes.

CT HB05105

An Act Exempting Ambulances From The Sales And Use Taxes.

CT HB05492

An Act Establishing A Farm Investment Tax Credit And Concerning The Threshold For Certain Optional Farm-related Property Tax Exemptions.

CT HB05117

An Act Concerning The Estate And Gift Taxes And The Use Of The Revenue Generated From Such Taxes.

CT SB00076

An Act Reducing The Personal Income Tax Marginal Rates For Certain Taxpayers And Concerning The Asset Expense Deduction For Corporations.

CT HB05041

An Act Exempting Certain Articles Of Children's Clothing From The Sales And Use Taxes.

CT HB05282

An Act Allowing Hardship Waivers Of Interest Due From A Delinquent Lottery Sales Agent And Concerning Licensing Of Connecticut Lottery Corporation Employees.

CT HB05036

An Act Exempting Hospital Beds For Home Health Care Use From The Sales And Use Taxes.

Similar Bills

No similar bills found.