Bill > SB00106

This bill proposes to eliminate the corporation business tax surcharge earlier than previously scheduled. Specifically, the bill would end the tax surcharge at the conclusion of the current fiscal year, instead of allowing it to continue until January 1, 2026, as was originally planned. A tax surcharge is an additional tax imposed on top of the standard corporate tax rate, which typically serves to generate extra revenue for the government. By sunsetting (or terminating) this surcharge sooner, the bill would provide tax relief for corporations operating in the jurisdiction, potentially making the business environment more attractive and reducing the tax burden on companies. The bill appears to be a straightforward modification to existing tax law, aimed at accelerating the planned phase-out of the corporation business tax surcharge.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=SB00106&which_year=2025