WASHINGTON – General Electric announced Tuesday that it may move about 500 U.S. jobs to France, Hungary and China because of Congress’s failure to extend the charter of the Export-Import Bank. It is an issue that could also influence the Connecticut-based company’s search for a new headquarters.
corporation tax
Posted inMoney, Politics
Daunting task: Study taxes but not whether they’re too high
The State Tax Panel is kicking off a four-month study of the state’s tax system and economy, but in theory it will not address whether taxes are too high or too low, or whether certain groups should pay more or less.
Posted inMoney, Politics
GE becomes state Capitol’s latest political football
Two members of the Senate’s Republican minority called Friday for a special session to entice GE to stay by repealing a controversial new corporation tax provision.
Posted inMoney, Politics
CT tax department says it surpassed $75M collection target
Thrown a last-minute challenge to collect an extra $75 million in revenue for the past fiscal year, state tax officials topped the mark, collecting nearly $86 million in miscellaneous receipts before the fiscal year ended on June 30.
Posted inEducation, Money, Politics
Retired teachers buck CT budget trend and get a tax cut
What separates retired Connecticut teachers from the working poor, middle-income consumers, corporations and insurance companies? In the context of the new state budget, it’s the ability to get a tax break.
Posted inEducation, Health, Money, Politics
Legislators vote to roll back a share of CT business tax hikes
The General Assembly sent a revised biennial budget to Gov. Dannel P. Malloy early Tuesday, rolling back $178 million of the $1.5 billion worth of tax hikes built into the original plan.
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Malloy says there is ‘consensus’ on tax hike rollbacks
One day after House Democratic leaders said they had just began to discuss Gov. Dannel P. Malloy’s last-minute budget proposals, the governor declared Wednesday there already is a “consensus” agreement to roll back two controversial tax hikes.
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House Dems still searching for response to Malloy’s budget changes
Leaders of the House Democratic majority were optimistic Tuesday they could resolve the new state budget next week, but couldn’t say what changes — if any — might be made. House Democrats met for more than three hours behind closed doors to discuss last-minute revisions sought by Gov. Dannel P. Malloy as well as any legislators might want to make.
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Malloy seeks to roll back $220M in business tax hikes
Gov. Dannel P. Malloy proposed Friday to roll back about $220 million in business tax hikes before they take effect in the new two-year state budget July 1 and replace them with still-to-be-identified spending cuts. Legislative leaders offered no ready endorsement, saying they will review the plan.
Posted inMoney, Politics
Malloy opens door a crack on business tax hike
Gov. Dannel P. Malloy left open the possibility Thursday that he and the legislature could revisit one of the most controversial business tax hikes in the new two-year budget when lawmakers meet in special session later this month.
Posted inMoney, Politics
Senate Dems threaten ‘nuclear option’ to pass budget, $2B tax hike
Senate Democrats took the extraordinary step in the final hour of the 2015 session Wednesday of threatening to cut off debate to ensure passage on a 19-17 vote of a new state budget that raises tax revenues by $2 billion.
Posted inEducation, Health, Money, Politics
House adopts controversial state budget
Connecticut’s long-running budget drama began drawing to a close early Wednesday as the House of Representatives adopted a $40.3 billion, two-year package that largely restores deep cuts to social services and expands municipal aid while bolstering tax revenues by almost $2 billion.
Posted inMoney, Politics
New budget includes $200 million income tax hit on middle class
A last-minute component of the new two-year state budget deal includes a $100 million-per-year income tax hike on Connecticut’s middle class, according to budget documents released early Monday. The hit comes in the form of a reduced credit for local property tax payments.
Posted inNews
Legislators, Malloy hovering on brink of a state budget deal
Sources say legislative leaders and Gov. Dannel P. Malloy’s administration are creeping up on a tentative agreement on a new two-year budget. Few details have leaked, but the sources said spending will be less than the legislature’s Appropriations Committee has recommended, and the latest talks have centered on the taxes that will be required to balance the budget.
Posted inMoney
Business leaders warn ‘unitary reporting’ could stymie job growth
Connecticut business leaders warned Thursday that a controversial corporation tax change under consideration for the next state budget could have a profound and immediate impact on the state’s job market.