Bill > HB05549

This bill seeks to restore the rate of the credit against the affected business entity tax (ABET) to 93.03%. The Affected Business Entity Tax is a specific type of tax that applies to certain business entities, and this legislation aims to adjust the tax credit rate back to a previous level. By restoring the credit rate to 93.03%, the bill appears to be reverting a prior change that may have reduced the tax credit for qualifying businesses. The proposed amendment would modify Chapter 228z of the general statutes, effectively providing a more favorable tax treatment for affected business entities by increasing their available tax credit. While the bill is brief and does not provide extensive details about the reasoning behind the rate restoration, it suggests an intent to provide additional financial relief or support to businesses subject to this particular tax.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05549&which_year=2025