Connecticut 2023 Regular Session

Connecticut Senate Bill SB00351

Introduced
1/18/23  
Refer
1/18/23  

Caption

An Act Concerning The Restructuring Of Certain Taxes And Tax Equity.

Impact

The proposed legislation is designed to reduce the personal income tax burden on the middle class and provide additional relief to seniors through increased property tax credits and a refundable child tax credit. Furthermore, the bill calls for a new statewide property tax rate on high-valued residential and commercial properties and a significant hike in corporation business tax rates. The revenue generated is intended to support various state initiatives, including hiring additional auditors to address the tax gap and enforcing labor wage laws more effectively.

Summary

Senate Bill 00351, titled 'An Act Concerning The Restructuring Of Certain Taxes And Tax Equity,' proposes significant amendments to the state's tax laws with the goal of restructuring tax obligations to benefit middle-income taxpayers and senior citizens. Key features of this bill include a proposed 5% surcharge on the net gains from capital asset sales and dividend income for high-income earners, as well as a 10% tax on businesses with more than $10 billion in annual revenue from digital advertising services. These measurements aim to increase tax equity and generate additional revenue for the state.

Contention

There may be notable points of contention surrounding the introduced tax surcharges, particularly among high-income individuals and large corporations, who might argue that these increased taxes could discourage investment and economic growth. Lawmakers will need to balance the aim of generating necessary state revenue with the potential economic implications for businesses operating within the state. Supporters of the bill argue that the restructured taxes will ultimately lead to fairer tax burdens, whereas critics may contend that it places excessive financial pressure on wealthier taxpayers and could hinder the state's economic competitiveness.

Companion Bills

No companion bills found.

Previously Filed As

CT HB05147

An Act Restructuring Certain Taxes.

CT HB05490

An Act Concerning The Sales And Use Taxes On Ambulance-type Motor Vehicles And Ambulances.

CT SB00006

An Act Concerning Housing.

CT SB00016

An Act Concerning Revenue Items To Implement The Governor's Budget.

CT SB00269

An Act Reducing The Sales And Use Taxes For Certain Goods Used In New Housing Construction.

CT HB05492

An Act Establishing A Farm Investment Tax Credit And Concerning The Threshold For Certain Optional Farm-related Property Tax Exemptions.

CT HB05209

An Act Concerning Long-term Care Insurance Premium Rates.

CT HB05524

An Act Authorizing And Adjusting Bonds Of The State And Concerning Provisions Related To State And Municipal Tax Administration, General Government And School Building Projects.

CT SB00443

An Act Concerning The Accrual Of Interest On Certain Tax Underpayments And The Business Operating Loss Carry-over Period.

CT SB00284

An Act Concerning A Security Deposit Loan Assistance Program.

Similar Bills

No similar bills found.