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Gov. Ned Lamont’s two-year, $50.5 billion budget includes a number of changes to business taxes and tax credits.
While the Democratic governor’s budget includes more than $500 million in tax cuts, not all businesses will see relief.
Before his budget reveal Wednesday, Lamont announced plans to pare back the pass-through entity tax, a levy created in 2018 to help business owners work around a new $10,000 cap on state and local tax deductions within the federal income tax system.
This would save about 123,000 small and mid-sized businesses, collectively, as much as $60 million annually starting in 2024.
Lamont also hinted in December that he would allow the state’s corporation tax surcharge, which was supposed to expire this year, to sunset. However, his budget released on Wednesday keeps the surcharge in place until 2025, costing C-corp companies $130 million over two years.
Other tax changes in the governor’s proposal include:
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Read HereThis special edition informs and connects businesses with nonprofit organizations that are aligned with what they care about. Each nonprofit profile provides a crisp snapshot of the organization’s mission, goals, area of service, giving and volunteer opportunities and board leadership.
Hartford Business Journal provides the top coverage of news, trends, data, politics and personalities of the area’s business community. Get the news and information you need from the award-winning writers at HBJ. Don’t miss out - subscribe today.
Delivering Vital Marketplace Content and Context to Senior Decision Makers Throughout Greater Hartford and the State ... All Year Long!
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