A special panel has completed a study on how to improve Connecticut’s state tax policy and presented it to the legislature.

The panel, co-chaired by former State Sen. William Nickerson and former State Rep. William Dyson, examined and reported on the state’s personal income tax, retail sales tax, general business taxation, estate and gift taxes, and property taxes.

While lawmakers created the panel to come up with better ideas for state tax policy, it was handicapped because its recommendations had to be revenue-neutral--any proposal to increase a tax had to be offset by a tax decrease.

This resulted in significant limitations on discussion of policies that could increase economic opportunity and help stabilize the state’s fiscal situation.

Lawmakers will begin reviewing the recommendations, along with dissenting reports.

The Finance Committee will be holding an informational meeting with the panel’s co-chairs and consultants on Friday, Jan. 29 in the Legislative Office Building.

For more information, email or call CBIA’s Bonnie Stewart at 860.244.1925 | @CBIAbonnie

Filed Under: Taxes

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