The legislature’s Commerce Committee is considering several proposals that could help economic development in the state by making some prudent tax changes.
Among these are:
- SB 323, which would raise the cap on the state’s neighborhood assistance tax credit program. The program provides funding for municipal and tax exempt organizations through a tax credit for businesses making cash contributions to the nonprofits. The bill would increase the program’s cap from $5 million to $10 million.
- SB 540, which aims to modify the state’s insurance reinvestment tax credit by lifting its overall cap by $50 million. The Insurance Reinvestment Tax Credit Program provides a 100% insurance premiums tax credit to insurance companies that invest with approved fund managers who will provide financing to eligible Connecticut businesses.
While narrow in scope, both of these proposals would have a positive impact on the communities or industries they intend to help.
They also would help make Connecticut more competitive.
Thus far the committee has raised the bills but not scheduled them for a public hearing.