DRS COMMISSIONER WELCOMES
“TRIFECTA OF BUSINESS TAX REFORM”
Legislature enacts added fairness for Connecticut companies
With enactment of market sourcing for business taxes during the just-completed special session, plus the passage of unitary reporting and single sales factor apportionment earlier in the year, Connecticut has achieved what Department of Revenue Services (DRS) Commissioner Kevin Sullivan calls, “the trifecta of business tax reform.”
Said Commissioner Sullivan, “For far too long, Connecticut taxes actually favored out-of-state companies making money here over in-state companies doing business in other states. Fixing this inequity and recognizing the realities of the modern marketplace was a top priority for DRS. Thanks to Governor Malloy and the State Legislature, our state is now even better positioned to grow business in Connecticut, provide greater fairness and not increase business taxes overall.”
“It’s also important that the new legislation begins to undo arcane distinctions in Connecticut taxes based on how businesses organize legally rather than the business they do. This tax reform will apply to traditional corporations and all business entities,” Sullivan said.
More specifically, the now completed business tax reform makes the following changes:
Commissioner Sullivan especially thanked Ben Barnes, Secretary of the Office of Policy and Management, State Senate Majority Leader Bob Duff and the Connecticut Business and Industry Association for their persistence in making sure the final reform legislation was enacted during the special session.
“Now,” added Sullivan, “we will continue to work with our external advisory group that helped craft this legislation to assure that the business community is actively involved in successful implementation of these changes.”
Content Last Modified on 5/24/2016 9:36:44 AM