Connecticut House Bill HB06961

Connecticut 2017 Regular Session

• Introduced: 1/26/17
• Refer: 1/26/17

Caption

An Act Concerning Corporate Business Tax Relief For Businesses That Relocate To Connecticut And Create More Than Two Hundred Jobs.

Impact

The passage of HB 06961 would amend the state's general statutes governing corporate taxation. By providing a significant tax incentive for companies that meet the criteria, the bill aims to directly increase employment levels and stimulate local economies. Supporters argue that this tax relief will encourage companies to choose Connecticut over competing states, thus fostering an environment conducive to economic development.

Summary

House Bill 06961 proposes a corporate business tax relief program aimed at incentivizing businesses to relocate to Connecticut and expand their workforce. Specifically, the bill offers a ten-year exemption from the corporation business tax for any new or relocated business that creates more than two hundred jobs within the state. This initiative is part of a broader strategy to stimulate economic growth and attract sizable employers to Connecticut, which has faced challenges in job creation and retention in recent years.

Contention

While supporters laud the potential economic benefits of the bill, there may be points of contention regarding the fiscal implications for the state treasury. Critics may question the sustainability of such tax incentives, particularly if they lead to a significant decrease in tax revenue without guaranteed job creation outcomes. There may also be concerns surrounding the equitable distribution of such incentives and whether they adequately serve the diverse needs of different regions within Connecticut.