SMALL BUSINESS APPLAUDS CERTAIN BUDGET ASPECTS BUT STILL CONCERNED ABOUT OVERALL STATE FISCAL PICTURE
Hartford (February 18, 2015) The National Federation of
Independent Business (NFIB) is pleasantly surprised to learn of Governor
Malloy’s proposal to eliminate the state business entity next fiscal year.
However, it remains to be seen if he has finally realized that in order to
maintain economic growth in Connecticut, it is imperative that state spending
not continue to outgrow revenue projections.
“This tax has been nothing more than a nuisance tax that
small businesses were forced to pay simply for existing in this state. It is
the poster child for the overwhelming price of doing business in Connecticut”
said NFIB Connecticut State Director Andrew Markowski.
“Today the Malloy administration is proposing a complete
elimination of the Business Entity Tax starting in fiscal year 2017. It is yet
to be seen whether or not the legislature will actually call for the cut and
assist the Governor.
“While we appreciate the proposal as a gesture of good will
and remain cautiously optimistic it will actually come to fruition, it would
bring our members comfort to see the legislature offer their support and
permanently codify the measure with legislation” continued Markowski. “Full repeal of Connecticut’s Business
Entity Tax is something that our members have been asking for for years”.
Today’s budget also would increase certain business
registration fees, especially those for pass through entities, leaving small
business undecided on whether or not this year’s proposed budget will be a
victory for small business.
