Business Entity Tax & Comprehensive Tax ReformEliminate the Business Entity Tax entirely to put $ back in the pocket of every small business owner in Connecticut and ensure that small business has a voice in state tax reform discussions. While NFIB was successful in leading the charge to reform the state’s $250 Business Entity Tax (BET), this nuisance tax on small business owners, including those that don’t even make a profit, must be fully repealed in the future. In addition, the State Tax Panel will be considering comprehensive changes to Connecticut’s tax system and NFIB will to make sure small business has a voice in this process. Finally, with ongoing state budget deficits predicted into the near future, NFIB will fight against new or higher taxes that may be imposed to unfairly balance the budget on the backs of small businesses.
Easing the Regulatory Burden on Small BusinessNFIB is pushing for legislation to create increased regulatory fairness and address small business concerns with Connecticut’s government red tape. While NFIB applauded recent legislation repealing many outdated and obsolete regulations as a good start, NFIB will also continue to remind the legislature and the administration that achieving regulatory relief and reducing red tape for small businesses is an ongoing process. NFIB supports numerous legislative measures that would reform the regulatory process and provide regulatory relief to small business owners. These would include: requiring an ongoing comprehensive review of all existing regulations; ensuring state agencies adhere to small business impact statement requirements; streamlining permitting requirements; requiring a cost benefit analysis of new and existing regulations; and implementing a regulatory fairness model for small businesses based on federal and other successful states’ programs.