Boucher to State Tax Panel: “We are facing a huge loss in the community if we don’t act swiftly to turn the tide in Connecticut’s business environment.”

Hartford, CT – State Senator Toni Boucher (R-Wilton) released the following statement today re: first of its kind Tax Panel Public Hearing.

“The steadily increasing tax burden continues to weigh heavily on the minds of Connecticut’s private citizens and businesses. Recently, I have received a great deal of feedback about the need to address three issues in particular.

• Eliminating the unitary tax, whose reporting requirement would be detrimental to business in Connecticut.
• Reverse the cuts to the R&D tax credit (now 50% down from 70%) that companies believe is crucial to fostering research and innovation.
• The need to reduce probate fees, which have dramatically increased for those going through our probate court system.

“Besides these, there are a number of additional tax ideas which should be considered, and existing taxes which I believe the state would benefit from reducing or eliminating entirely. These include:

• Phase out inheritance tax
• Phase out gift tax
• Institute a program similar to that in New York, where any new business in inner city areas would have their local and state taxes waived for a period of ten years.
• Eliminate the luxury tax
• Eliminate $250 business entity tax
• Reduce fuel tax
• Expand job creation tax credits to include small businesses
• Eliminate the earned income tax program
• Eliminate Gross Earnings Tax on Propane
• Phase out the state portion of the real estate tax, keep the town portion intact
• Revisit the idea of a 2% property tax cap
• Reduce or phase out taxes on pensions
• Towns should consider the option to reduce motor vehicle tax

“These proposals deserve serious consideration when the Tax Panel drafts its recommendations. We are facing a huge loss in the community if we don’t act swiftly to turn the tide in Connecticut’s business environment.”

Contact:
860-240-8865