The Connecticut Business & Industry Association is the voice of business in Connecticut, with thousands of member companies championing change at the State Capitol, shaping debate about economic competitiveness, and fighting for a better future for all.
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Imposes a per-mile tax on trucks that increases based on a vehicle's gross weight, with all revenue intended for the state's Special Transportation Fund. The tax only applies to tractor-trailers and ranges from 2.5 cents per mile for trucks weighing 26,000-28,000 pounds to 17.5 cents for vehicles over 80,000 pounds. The tax is expected to raise $45 million in fiscal 2023 and $90 million the following.
Expands the angel investor tax credit to cannabis businesses owned by social equity applicants. CBIA supports provided legislation is not altered in such a way as to crowd out traditional start-up tech investments.
makes a variety of reforms to the state’s unemployment system that will take effect in 2024, including:
Raise the taxable wage base from $15,000 to $25,000, then index it to inflation
Reduce the maximum solvency tax rate from 1.4% to 1%
Reduce the minimum and expand the maximum experience tax rate, from 0.5-5.4% to 0.1-10%
Increase the minimum base period earnings required to qualify for unemployment benefits from $600 to $1,600, then index it to inflation, except when the federal government is providing additional benefits to UI claimants
Freeze the maximum weekly benefit amount for four years
Defer unemployment insurance benefits until a claimant's severance payments are exhausted
Allows businesses to exchange excess tax credits with the state at 90% value.
Allows municipalities to provide a partial exemption from property taxes for owner-occupied dwellings provided they are the primary residences of the owners. This exemption would not apply to commercial properties or dwellings occupied by someone other than the owner.