taxes connecticutResource Release COMPARE>

Washington, DC: With federal tax reform efforts seeking to lower the 35 percent tax rate on corporations, it's also worth remembering that most states also impose taxes that can push business tax marginal rates above 40 percent. New analysis from Tax Foundation Policy Analyst Morgan Scarboro shows the corporate tax brackets and tax rates for these states and the District of Columbia.

At 12 percent, Iowa has the highest top marginal rate in the country, followed by Pennsylvania (9.99 percent), Minnesota (9.8 percent), Alaska (9.4 percent), Connecticut (9 percent), New Jersey (9 percent), and D.C. (9 percent).

"Though often thought of as a major tax type, corporate income taxes account for just 5.4 percent of state tax collections and 2.7 percent of state general revenue," Scarboro writes.

For 2017, corporate tax rates in four states--Arizona, Indiana, New Mexico, and North Carolina--and D.C. will decline as part of recent tax reform legislation. Since 2008, 15 states have reduced their corporate tax rates, recognizing that the tax raises fairly little revenue but plays a bigger role in business location and expansion decisions.

 

SVMC BridgportBRIDGEPORT: A report late Thursday, February 23 in the Connecticut Post revealed that management at Bridgeport’s St. Vincent's Hospital has told employees that a merger or sale of the hospital was possible. 

No official actions have been filed with the state, but employees were given a heads up last week at employee, management “town hall” meetings.

According to the Post, Dianne Auger, senior vice president and chief strategy officer at the hospital and president and CEO of the St. Vincent’s Medical Center Foundation, told employees, “we are exploring a variety of strategic options for St. Vincent’s.”

The St. Vincent's Medical Center is a 473-bed acute care Catholic hospital in Bridgeport, and with 3,700 hundred employees, it is the city’s largest employer.

New Haven’s former Catholic Hospital, Saint Raphael’s was purchased by the Yale New Haven Health System in 2012. The Yale system owns the 425 bed  2,300 employee Bridgeport Hospital.

By Mitchell Young

WINDSOR LOCKS: Vikings first found their way to the Americas in the tenth century, they reportedly didn’t stick around, but now some are back and they are offering really low cost air service, to Europe from Connecticut.

Nutmeggers taking off to Europe this summer will get a big boost from Norwegian Air [NAS.OL]. The discount airline has chosen Bradley International as a departure point to Edinburg, Scotland. Did we say discount, we mean basically near free, at least for a few passengers. The cost this summer will only be $65 for a limited number of one-way fares, there will be a $99 option available as well.

Passengers will pay additional tariffs, for food, baggage, a reserved seat, headphones and blankets however. A wink from the steward, Oxygen and a trip to the rest room are reportedly still included in the discount price. Considering the ala carte menu, unless your pockets are stuffed with cash,, Scandinavians or no –  you might want to steer clear of the Mile-High Club.

matrix danburyBy Mitchell Young

DANBURY: GE’s sale of its sprawling campus to Sacred Heart University and the relocation of employees to Boston and Norwalk, appears to be part of a larger undercurrent of corporate management. Major companies revisiting how they structure their faclity needs is having a major effect on Fairfield County’s corporate real estate market. 

Making matters more difficult for two signature office buildings however, is the untimely death of the founder of the Matrix Realty Group.

RE Survey 1

ROCKY HILL:  The Connecticut Economic Resource Center, Inc., released its semi- annual survey of real estate and development professionals on the state of Connecticut Commercial Real Estate market.

The quick take away: respondents are generally positive about markets, except for the office market and the overall economy, Of the 72 respondents 47 were brokers and 15 economic development professionals from Connecticut and out-of-state, nearly one-third of respondents were from New Haven County.

Respondents generally rated local market conditions as satisfactory, with a majority saying the industrial, investment, and residential markets in their respective regions were “Excellent” or “Good”. The local office market didn’t bring as positive a response however, three quarters of the respondents rating their local office market poor or fair.