HARTFORD (October 31, 2017): In response to Governor Malloy signing the long overdue 2017-18 budget, the following statement may be attributed to Andrew Markowski, Connecticut State Director for the National Federation of Independent Business (NFIB):
The small business community commends Governor Malloy for embracing this budget that thankfully does not include any broad-based increases on income, sales or corporate taxes. What it does contain are initiatives that will improve the confidence of struggling small business owners in Connecticut. Imposing a true spending cap as well as a cap on bonding will mitigate against overspending at the state level and ensure lawmakers are more fiscally responsible.
Changing the estate tax to mirror the federal threshold as well as reducing the insurance premium tax are great first steps towards ensuring that existing businesses stop seeking to relocate to states with friendlier business climates. Additionally, requiring legislative votes on all labor contracts and increasing the municipal prevailing wage threshold to $1 million are both long overdue changes that improve accountability and make public construction projects a little more manageable.