Nearly $1B Tax Package to Be Heard on Monday
The Governor’s budget proposal would have an added tax impact of roughly half a billion dollars on Connecticut’s job creators.
The measure, SB 946, An Act Concerning Revenue Items to Implement the Governor’s Budget, will be heard by the Finance Committee on Monday, March 9.
According to the Office of Policy and Management (OPM), Gov. Malloy proposed a two-year state budget that results in roughly $496 million in increased taxes on job creators by significantly changing well thought out revenue policy that’s driving economic activity in Connecticut.
Connecticut is on the cusp of something big. We’ve got excellent economic potential, but trying to close budget gaps by discouraging the very companies that are the reason for our recovery is self-defeating. This will be the message that CBIA shares with legislators at the hearing on Monday.
In CBIA’s most recent quarterly economic survey, 88% of job creators responding said that state tax policy is an important factor in their investment and location decisions.
Manufacturers, biopharmaceutical companies, financial services firms, and other job creators–including the thousands of small businesses and their employees throughout Connecticut that provide them with products and services–need to know that Connecticut has a consistent tax policy that encourages investment here.
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