Chamber Legislative Alert!!
Lawmakers could vote at any time on a new state budget and tax package that reportedly includes a $53 million income tax hike on most small businesses.
Last year, the legislature implemented a new tax on pass-through entities (LLCs, LLPs, partnerships, sole proprietorships, S Corps) with an offsetting income tax credit to mitigate federal caps on state and local tax deductions.
However, that program—meant to support Connecticut small businesses—is now being targeted as a new source of revenue to help fund ever increasing state spending.
Ask them—where are the spending cuts? Why are they targeting Connecticut small businesses? And tell them to oppose any additional burdens on small businesses, the engine for job growth in Connecticut.