Connecticut 2017 Regular Session

Connecticut Senate Bill SB00098

Introduced
1/13/17  
Introduced
1/13/17  

Caption

An Act Repealing The Corporate Income Tax Surcharge.

Impact

If enacted, SB00098 would significantly alter the state’s tax landscape, particularly benefiting corporations that are currently subject to this surcharge. Supporters of the bill believe that the repeal would make the state more attractive for businesses, particularly in comparison to neighboring states with lower tax rates. This could lead to increased business activities, which may result in higher employment rates and ultimately benefit the wider economy. However, the financial implications of this shift on state revenue and essential public services are a matter of speculation and debate.

Summary

SB00098, titled 'An Act Repealing The Corporate Income Tax Surcharge', was proposed to amend chapter 208 of the general statutes by eliminating the 20% surcharge on corporate income tax. The bill aims to encourage economic growth by offering financial relief to businesses, which proponents argue would foster a more favorable business climate in the state. By removing this surcharge, the bill is intended to alleviate the tax burden on corporations, potentially enabling them to reinvest in expansion, job creation, and development efforts.

Contention

The main point of contention surrounding SB00098 would likely revolve around the impact of tax reductions on state funding for public services. Critics might argue that repealing the surcharge could lead to a significant decrease in government revenue, ultimately affecting essential services such as education, healthcare, and infrastructure maintenance. Proponents, on the other hand, would counter that the long-term economic benefits of stimulating corporate growth through tax cuts will offset potential short-term revenue losses. Hence, this legislation may spark ongoing discussions about balancing tax strategy with public service funding needs.

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 SB00076

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

CT SB00035

An Act Establishing A Capital Gains Surcharge.

CT HB05118

An Act Establishing A Capital Gains Surcharge And Concerning The Use Of The Revenue Generated From Such Surcharge.

CT HB05113

An Act Increasing The Highest Marginal Rate Of The Personal Income Tax And Establishing A Capital Gains Surcharge To Provide Funding For Certain Child-related, Municipal And Higher Education Initiatives.

CT HB05147

An Act Restructuring Certain Taxes.

CT SB00032

An Act Eliminating The Earned Income Tax Credit.

CT SB00101

An Act Requiring The Indexing Of Income Thresholds For The Personal Income Tax.

CT SB00028

An Act Concerning The Qualifying Income Thresholds For The Social Security Benefits Deduction From The Personal Income Tax.

Similar Bills

No similar bills found.