Small Businesses: A Legislative PriorityFebruary 1, 2019
One of my priorities for the 2019 legislative session is to improve support for local businesses by improving tax policies for small business, streamlining government services and expanding access to capital. As a small business owner myself and an attorney to many small businesses, this will always be an important focus.
Photo: At the CT River Valley Chamber Annual Meeting where I helped present the award for Businessperson of the Year to Dean Marchessault, President of American Eagle Financial Credit Union.
Small businesses are the lifeline of our economy. They create jobs, increase productivity, and capitalize on growth opportunities here and globally. We must continue supporting small businesses by providing them with the tools they need to succeed, so Connecticut remains poised for economic growth.
Photo: At the Greater Manchester Chamber of Commerce with ERA Blanchard & Rossetto Realtors.
As one of my first legislative proposals I submitted legislation exempting small businesses from the state Business Entity Tax.
The concept of eliminating the Business Entity Tax has been under discussion for years. However, my specific proposal has the goal of to providing targeted relief to our truly small businesses. The legislation (HB 5194) would provide a tax cut to businesses with less than $1 million in ordinary business income annually.
This tax can be an actual burden to small business and just another barrier to starting up and running a business on our Main Streets across Connecticut, and this legislation is just one small way that we can support them.
Stay tuned for news on more initiatives and legislation focused on small business throughout the coming months.