Hartford: Governor Dannel Malloy thinks the Federal government has been so good to business that a little more tax coming their way is just fine.
According to a review of the Governor’s proposal by the Hartford Courant changes in two business taxes are geared to raise $43 million in revenue. Manufactuers however will be able to sidestep some of the increase.
A 10% corporate surcharge slated to end in 2019 will now stay in place at the rate of 8%.
Manufacturers [large] will see their multi-state taxes capped at $2.5 million for manufacturers, everyone else, no limits. Malloy cited the Federal tax cuts as his license to dump the surcharge cut, calling the cut a ‘very large deduction.
Malloy also called for additional increases in the minimum wage and paid family leave imposed on small businesses.