A proposal to make Connecticut’s estate tax law consistent with the federal tax code was approved this week by the legislature’s Finance Committee. 

SB 367 is a positive for Connecticut’s small and family-owned businesses because they 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 SB 367 because it will help make Connecticut more economically competitive.

For more information, contact CBIA’s Bonnie Stewart at 860.244.1925 | bonnie.stewart@cbia.com | @CBIAbonnie