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