State Rep. Whit Betts (R-Bristol) testified recently during a public hearing before the legislature’s Finance, Revenue, and Bonding Committee in support of calling for the repeal of the business entity tax.
Specifically, House Bill 6372 An Act Repealing the Business Entity Tax, would repeal the current law, which requires small businesses to pay $250 bi-annually for the ability to operate, said a press release from House Republicans.
In his remarks, Betts stated the following, according to the press release:
“The legislature has a real opportunity to act in an intentional way to help owners of small businesses that have been paying this discriminatory tax for the ‘privilege’ of operating a company in this state. Small businesses are the engine of Connecticut’s economy, yet this state continues to engage in anti-business policies that show we are closed for business.”
“Repealing this very unfair tax will show small businesses – especially in Bristol and Plymouth – the importance the General Assembly attaches to the vital role they play in producing jobs and revenue in our state economy.”
The bill awaits further action by the Finance, Revenue and Bonding Committee