Connecticut 2019 Regular Session

Connecticut House Bill HB05801

Introduced
1/23/19  
Introduced
1/23/19  

Caption

An Act Exempting Small Businesses From Penalties For Nonpayment Of Estimated Taxes On A Quarterly Basis.

Impact

If enacted, this bill would directly affect state tax laws related to small business taxation and financial compliance. It would prevent the imposition of penalties, potentially leading to an increase in cash flow for small businesses that may face financial hardships during certain periods. As a result, this could enhance the viability of small businesses across the state, encouraging growth and sustainability, which is critical for the overall economic development of the region.

Summary

House Bill 05801 aims to exempt small businesses from penalties imposed for the nonpayment of estimated taxes on a quarterly basis. The primary objective of the bill is to alleviate the financial burden on smaller enterprises that may struggle to meet their tax obligations due to varying cash flow situations. By prohibiting the Department of Revenue Services from assessing penalties, the bill seeks to provide a more flexible tax environment for small business owners and entrepreneurs.

Contention

While the bill garners support for its intention to ease the financial pressures on small businesses, there may be concerns regarding revenue impacts for the state. Critics could argue that eliminating penalties might lead to reduced compliance with tax obligations, ultimately affecting state income. Thus discussions around the bill might focus on balancing the support for small businesses with maintaining adequate state revenue, ensuring that the financial health of the state is not compromised.

Companion Bills

No companion bills found.

Previously Filed As

CT HB05103

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

CT HB05105

An Act Exempting Ambulances From The Sales And Use Taxes.

CT SB00081

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

CT HB05041

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

CT HB05036

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

CT HB05032

An Act Exempting Health And Athletic Club Services And Fees From The Sales And Use Taxes.

CT HB05039

An Act Exempting Clothing Purchased At Consignment Stores From The Sales And Use Taxes.

CT HB05477

An Act Concerning Penalties For Blight Upon Real Property, Municipal Agreements To Fix Assessments And A Personal Property Tax Exemption.

CT HB05266

An Act Amending The Time To Protest Benefit Charges On An Employer's Unemployment Insurance Quarterly Statement.

CT SB00023

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

Similar Bills

No similar bills found.