Connecticut 2021 Regular Session

Connecticut Senate Bill SB00821 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	LCO No. 2699 1 of 2
4	4
5	5	General Assembly Proposed Bill No. 821
6	6	January Session, 2021
7	7	LCO No. 2699
8	8
9	9
10	10	Referred to Committee on FINANCE, REVENUE AND
11	11	BONDING
12	12
13	13
14	14	Introduced by:
15	15	SEN. DAUGHERTY ABRAMS, 13th Dist.
16	16	SEN. ANWAR, 3rd Dist.
17	17	SEN. CABRERA, 17th Dist.
18	18	SEN. FLEXER, 29th Dist.
19	19	SEN. KUSHNER, 24th Dist.
20	20	SEN. LESSER, 9th Dist.
21	21	SEN. LOPES, 6th Dist.
22	22	SEN. MOORE, 22nd Dist.
23	23	SEN. WINFIELD, 10th Dist.
24	24
25	25
26	26
27	27	AN ACT CONCERNING THE REFORMATION OF CERTAIN TAXES
28	28	AND TAX EQUITY.
29	29	Be it enacted by the Senate and House of Representatives in General
30	30	Assembly convened:
31	31
32	32	That (1) the general statutes be amended to (A) establish a child tax 1
33	33	credit at a percentage of the allowable federal child tax credit, (B) 2
34	34	increase the property tax credit to four hundred dollars, (C) increase the 3
35	35	applicable percentage of the earned income tax credit to fifty per cent 4
36	36	and rename and expand eligibility for said tax credit to any taxpayer 5
37	37	who would otherwise be eligible for the federal earned income tax credit 6
38	38	except that such taxpayer filed with an individual taxpayer 7
39	39	identification number, (D) establish a ten per cent tax on the annual 8
40	40	gross revenues derived from digital advertising services in the state for 9
41	41	any business with annual world-wide gross revenues exceeding ten 10
42	42	billion dollars, (E) establish a two per cent tax on the portion of assessed 11
43	43	value of any owner-occupied residential real property exceeding one 12 Proposed Bill No. 821
44	44
45	45
46	46	LCO No. 2699 2 of 2
47	47
48	48	million five hundred thousand dollars, (F) eliminate the fifteen-million-13
49	49	dollar estate tax cap and reduce the estate tax exemption thresholds, (G) 14
50	50	increase the rate of tax imposed under section 12-214 of the general 15
51	51	statutes on companies with gross annual revenues of one hundred 16
52	52	million dollars or more to eleven and one-half per cent and the 17
53	53	surcharge under said section to twenty per cent, (H) establish a 18
54	54	surcharge of five per cent of the net gain from the sale or exchange of 19
55	55	capital assets and on dividend and interest income, and (I) adjust the 20
56	56	marginal income tax rates for unmarried individuals with taxable 21
57	57	income over five hundred thousand dollars and for married individuals 22
58	58	filing jointly with taxable income over one million dollars, and (2) the 23
59	59	Labor Commissioner be required to make a one-time direct payment of 24
60	60	five hundred dollars to all individuals who experienced economic 25
61	61	hardships due to the COVID-19 pandemic and received unemployment 26
62	62	compensation benefits between March 15, 2020, and December 31, 2020, 27
63	63	inclusive. 28
64	64	Statement of Purpose:
65	65	To reform certain taxes to reduce taxes for middle-class families and
66	66	enable investments in education, housing, health care and long-term
67	67	care services, and to require the Labor Commissioner to make a one-
68	68	time direct payment of five hundred dollars to individuals who
69	69	experienced economic hardships due to the COVID-19 pandemic and
70	70	received unemployment compensation benefits between March 15,
71	71	2020, and December 31, 2020, inclusive.