Proposal would reduce taxes for Connecticut small businesses

HARTFORD, Conn. (WTNH) – A proposal from Governor Ned Lamont would put money back in the hands of small businesses. The tax cut would affect over 120,000 small and mid-size businesses in the state.

This is Lamont’s first proposal this legislative session and would save these businesses millions of dollars in taxes.

“Despite what the federal government is doing in terms of capping that and what that means in terms of tax increases for small businesses not here in Connecticut,” Lamont said.

The move would restore the state’s pass-through entity tax credit back to the initial 93%. As a result, small businesses could claim a larger credit on their personal returns, which would save them money.

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