September 28, 2012

Task force recommends CT business tax changes

Gov. Dannel P. Malloy is receiving a host of recommendations on how to make Connecticut's tax climate more business-friendly, The Associated Press reports.

A task force the governor created in January has approved a report that suggests phasing out the annual business entity tax, creating a searchable database for state tax credits and other business assistance programs, and eliminating the gift tax, among other changes.

In a joint statement, the task force's co-chairs, Department of Revenue Services Commissioner Kevin Sullivan and Department of Economic and Community Development Commissioner Catherine Smith, said the group found that Connecticut business taxes are ''comparatively moderate'' but acknowledged ''we can do better.''

The recommendations, approved Thursday by task force members, will be considered by Malloy for possible administrative action or legislation over the next six years.

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