Connecticut 2018 Regular Session

Connecticut House Bill HB05108

Introduced
2/14/18  

Caption

An Act Repealing The Corporation Business Tax Surcharge.

Impact

If passed, HB 05108 would significantly impact state laws concerning corporate taxation. The removal of the business tax surcharge is expected to enhance the competitiveness of corporations in the state, potentially attracting new businesses while retaining existing ones. Proponents believe that decreased tax liabilities could encourage firms to expand their operations, hire more employees, and invest in capital projects. However, the state may face challenges in balancing its budget due to reduced tax revenues from corporations.

Summary

House Bill 05108 aims to repeal the corporation business tax surcharge currently in effect under chapter 208 of the general statutes. The primary intention of the bill is to alleviate the financial burden on corporations by eliminating this additional surcharge, thereby encouraging business growth and investment in the state. By repealing the surcharge, the bill proposes to foster a more favorable economic climate for corporations, which supporters argue will lead to increased job creation and overall economic development.

Contention

While there are advocates for the repeal, there are also concerns regarding potential impacts on public services funded through corporate taxes. Critics argue that repealing the surcharge could result in budget shortfalls, leading to cuts in essential services that benefit the public. This contention arises from the belief that while it may encourage business growth, it also shifts the financial responsibility away from corporations to individual taxpayers or underfunded public sectors. Legislative discussions surrounding HB 05108 will likely revolve around this balance of economic incentives versus the need for sustained public services.

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 HB05118

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

CT HB05103

An Act Exempting Certain Goods Purchased By In-state Businesses From The Sales Tax.

CT SB00035

An Act Establishing A Capital Gains 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 SB00076

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

CT SB00066

An Act Authorizing Bonds Of The State For Purchase Of A Fire Rescue Boat And A Personal Watercraft By The City Of Milford For Marine Rescues.

CT HB05147

An Act Restructuring Certain Taxes.

CT SB00037

An Act Restoring The Rate Of The Credit Against The Affected Business Entity Tax.

Similar Bills

No similar bills found.