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BUSINESS EXECUTIVES SAY CUTTING CORPORATE TAX CREDITS WILL COST JOBS
Business leaders hold news conference urging state legislators to reject the Finance Committee’s tax plan
The Connecticut Business & Industry Association (CBIA) will be joined by Connecticut United Research Excellence (CURE), biopharmaceutical, fuel-cell, and high-tech manufacturers as well as other technology-driven companies from across the state for a news conference urging legislators to reject the Finance Committee's tax plan. Specifically, they will discuss the proposal that would cut corporate tax credits, including the research and development tax credit by nearly 30 percent.
News Conference
Monday, April 27
11 a.m.
Legislative Office Building, Room 1C
Hartford
Speakers include:
- John R. Rathgeber, president and CEO, CBIA
- Gary Minor, director, state and local government affairs, United Technologies Corp.
- Carole Bilson, vice president, global design and usability, Pitney Bowes Inc.
- Marybeth McGuire, associate director, corporate communications and state government affairs, Boehringer Ingelheim Pharmaceuticals Inc.
- Paul Pescatello, president and CEO, CURE
This is the second of two news conferences with businesses urging state legislators to reject the Finance Committee’s tax proposal because it would severely cripple the state’s key growth industries, further harm Connecticut’s economy, delay our recovery and cause additional job losses.
The tax proposal will take a nearly 30 percent cut out of the research and development tax credit, the electronic and data processing tax credit, the fixed capital tax credit and all other tax credits, in the second budget year.
Unlike other states, Connecticut currently caps the amount of accrued credits a company may use at 70 percent of their value. The plan being considered would significantly lower the cap over two years.
CBIA is the state’s largest business organization, with 10,000 members.
For more information contact Nancy Andrews, CBIA media relations manager, at 860-244-1957 or andrewsn@cbia.com.
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