Connecticut House Bill HB05074

Connecticut 2020 Regular Session

• Introduced: 2/11/20
• Refer: 2/11/20

Caption

An Act Increasing The Amount Of The Affected Business Entity Tax Credit.

Impact

If passed, the bill is expected to influence state laws concerning tax credits that are available to businesses. The increase in the affected business entity tax credit is designed to alleviate some of the financial pressures that these businesses face, especially in challenging economic climates. It addresses concerns about the competitiveness of local businesses compared to entities in other regions without such supportive tax measures.

Summary

House Bill 05074 proposes an increase to the affected business entity tax credit, raising it to ninety-three and one-hundredths percent. This move is intended to provide additional financial support to businesses that qualify under this category, which may help foster economic activity and growth in the state. The bill's main aim is to incentivize business operations and encourage investment within local economies by enhancing the existing tax credit structure.

Contention

The potential impacts of HB05074 may lead to discussions among legislators regarding budget allocations and the implications of increasing tax credits on state revenues. While supporters argue that this measure is essential for nurturing the local business environment and mitigating economic downturns, critics may raise concerns about the sustainability of such tax incentives and their long-term effects on state funding and public services. Balancing economic benefits against fiscal responsibility could be a central theme in the discourse surrounding this bill.