Bill Text: CT HB05191 | 2010 | General Assembly | Introduced

Connecticut House Bill 5191 (Prior Session Legislation)

Introduced

Bill Title: An Act Concerning A Progressive Corporate Income Tax.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2010-02-16 - Referred to Joint Committee on Finance, Revenue and Bonding [HB05191 Detail]

Download: Connecticut-2010-HB05191-Introduced.html


General Assembly		*Proposed Bill No. 5191*
*February Session, 2010*		LCO No. 732

Referred to Committee on Finance, Revenue and Bonding
Introduced by:
REP. O'BRIEN, 24^th Dist.

AN ACT CONCERNING A PROGRESSIVE CORPORATE INCOME TAX.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That the general statutes be amended to replace the flat seven and one-half per cent corporate income tax with progressive rates as follows: Net corporate income of less than two hundred thousand dollars would be taxed at five per cent, net corporate income of two hundred thousand dollars to one million dollars at seven and one-half per cent and net corporate income over one million dollars at ten per cent.

Statement of Purpose:

To make the corporate income tax progressive, with a 5% rate for net incomes of less than $200,000, a 10% rate for net incomes over $1 million and the current 7.5% for incomes from $200,000 to $1 million.