BUDGET PROPOSAL PASSES COMMITTEE BUT NOT BEFORE TAKING A SHOT AT SMALL BUSINESS

Date: April 07, 2016

BUDGET PROPOSAL PASSES COMMITTEE BUT NOT BEFORE TAKING A SHOT AT SMALL BUSINESS

HARTFORD (April 7, 2016): The National Federation of Independent Business (NFIB) is weighing in on today’s revenue package passage by the legislature’s Finance, Revenue and Bonding Committee.

 

“Not only did lawmakers fail to close the projected budget gap today to the tune of several hundred million dollars, they managed to burden small business with yet another fee in the process,” according to NFIB Connecticut state director, Andrew Markowski. “Ironically, some of the same legislators that touted a small reprieve from the $250 business entity tax just a few years ago are now supporting a $350 sales tax collection permit that previously was at no cost to those doing business in the state of Connecticut, on top of the business entity tax.  So not only do small businesses have to pay a tax merely for existing in Connecticut, but now they will have to pay even more to the state for the privilege of collecting and remitting sales tax.”

 

According to the legislation, the bill will require all retailers to renew their sales tax permits by January 1, 2017 and impose a renewal fee for the permits that is based on the frequency with which the retailer must remit sales taxes to the state. It also requires retailers to renew the permits every two years, as opposed to the current law which requires renewals every five.

 

“Politicians will attempt to present this revenue package as a step in the right direction but the small business community will not be fooled. Between yesterday and today, it appears that the legislature’s two budget committees failed to close the $900 million budget gap and will attempt to declare that their efforts, while incomplete, came without raising taxes. However, the very people that are doing their best to be economic partners with lawmakers are yet again being punished for remaining in Connecticut. Legislators will call it a permit fee, but small business owners know a tax when they see it,” concluded Markowski.

Subscribe For Free News And Tips

Enter your email to get FREE small business insights. Learn more

Get to know NFIB

NFIB is a member-driven organization advocating on behalf of small and independent businesses nationwide.

Learn More

Or call us today
1-800-634-2669

© 2001 - 2022 National Federation of Independent Business. All Rights Reserved. Terms and Conditions | Privacy