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Estate and Other Tax Matters Subjects of Hearings
The legislature’s Finance Committee will be quite busy next week. Several proposals of interest to the business community, especially many small businesses, will be discussed.
<strong>SB 367, An Act Concerning The Gift And Estate Tax, is of significant importance to the small business community and is one of the measures being heard on Tuesday, March 11.
This bill would make Connecticut’s estate tax law mirror the federal tax code. Such a move is important to Connecticut and its small and family-owned businesses because small businesses usually have a great deal of their assets committed to the operation of the business, yet not sufficient liquid assets to pay the estate tax.
Concerns with the tax, according to a report by the Congressional Budget Office, are believed to stop many small businesses from investing more in their business as well as hiring employees. CBIA supports this measure as it will help make Connecticut more economically competitive.
Other measures being heard on Tuesday include SB 369, An Act Concerning Changes to Department Of Revenue Services Statutes, which makes various changes to the state’s revenue statutes. One section of concern is a provision that seeks to subject certain nonqualified deferred compensation to taxation in Connecticut.
On Monday the committee will hear HB-5465, An Act Concerning The Connecticut Aerospace Reinvestment Act, which will enable United Technologies Corp (UTC) to invest up to $500 million in the state in the next five years to upgrade and expand its facilities, and invest up to $4 billion in research and development.
As a result of this bill, Connecticut will remain the center of UTC’s aerospace R&D activities and the home of Pratt & Whitney and Sikorsky headquarters for many years to come.
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