HARTFORD – State Representative Whit Betts (R-Bristol, Plymouth) along with the rest of the House Republicans forced the legislature’s Labor and Public Employees Committee into having a public hearing on a bill that would provide $60 million in business tax relief, according to a press release from Betts.
The proposed bill, HB5314 An Act Concerning Interest Payments on Advances from the Federal Unemployment Account, will provide $60 million in tax relief immediately for all businesses, said the release. The proposal would be paid for by using a portion of the available unexpected revenues the state has accrued and would have no effect on future budgets, according to the news release.
The public hearing will be held with the Labor Committee on Tuesday, March 11 at 2 p.m. in room 2C of the LegislativeOfficeBuilding.
Anyone wishing to submit testimony may do so no later than 5 p.m. on Monday, March 10. Sign-up for the public hearing will begin at 12 p.m. in Room 3800 of the LOB.
Betts was one of the 51 petition signatures to raise a bill that would eliminate the surcharge all businesses pay on money borrowed for the state’s unemployment insurance fund. The release from the representative’s office said, the Democrat majority-controlled Labor Committee had “refused” to raise HB 5314 for a public hearing.
The surcharge, or special assessment businesses are charged, is used to pay the interest on the money Connecticut had to borrow from the federal government when the state’s unemployment fund went broke in 2009, said the news release. The Republican legislation eliminates that surcharge completely by pre-paying the interest, said the release.
“There are many businesses in Bristol, Plymouth, and Terryville that will be forced to pay this surcharge in August, hindering their ability to hire new workers and possibly expand. We have an opportunity in the legislature to take a step in the right direction toward making Connecticut more business-friendly, and helping to creating jobs in our communities,” said Betts in the press release.
Business owners and anyone else concerned about creating jobs in Connecticut are encouraged to attend the public hearing or submit testimony to Betts at firstname.lastname@example.org.
Betts represents the towns of Bristol, Plymouth, and Terryville in the General Assembly.