Senator Kane Supports Abolishing Business Entity Tax

Votes In Favor Of Eliminating “Tax On Existing” As Member Of Legislature’s Commerce Committee

Senator Rob Kane (R-32) helped secure approval from the legislature’s Commerce Committee for proposed legislation to abolish the $250 annual business entity tax.

The legislation, SB 400, An Act Eliminating The Business Entity Tax, on Tuesday was referred to the Finance, Revenue & Bonding Committee for further legislative action. Ultimately, the bill would be subject to action by the full General Assembly. If passed, the proposed legislation would take effect on July 1st, and be applicable to taxable years beginning on, or after, January 1, 2008.

“When I met with business leaders last week at the regional business forum I hosted in Southbury, one of the big topics of conversation was the need to abolish this onerous tax. If we are serious about growing our economy and creating jobs, the last thing we should do is charge every business $250 every year just for the privilege of existing in Connecticut,” said Senator Kane, a member of the Commerce Committee.

Senator Kane noted that Republican legislators have been calling for the elimination of the business entity tax since it was established in 2002.

“As a small business owner, I know that my opinion of this tax is widely shared. I am happy to see this bill advance through the legislative process, and am looking forward to working with my legislative colleagues in a bipartisan manner to eliminate this unfair, unnecessary and counterproductive tax,” said Senator Kane.

Senator Kane was elected to represent the 32nd Senatorial District in a January 15th special election. His district includes the communities of Bethlehem, Bridgewater, Middlebury, Oxford, Roxbury, Seymour, Southbury, Thomaston, Watertown and Woodbury. He is the founder and president of KarTele Cellular Phones in Waterbury.