Connecticut Considers Income Tax Increases

The Connecticut Legislature is considering a measure that would increase the personal income tax rate for high income taxpayers and reduce the sales tax rate.

While reducing the sales tax rate from 6 to 4.5 percent, the proposal, CT SB 1385, also would eliminate the property tax credit, establish a refundable credit equal to 20 percent of the earned income tax credit.

The proposal also would increase the C corporation tax from $250 to $400 and increase the estate tax rate from 5 to 5.5 percent.

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