Posted on January 18, 2023
HARTFORD—House Republican Leader Vincent Candelora on Wednesday issued the following response to Gov. Lamont’s proposal to restore the pass-through entity tax credit to 93.01 percent:
“It’s good news that Governor Lamont continues to show that he’s on board with the tax relief Republicans are pursuing, in this case correcting a tax hike on businesses that was included in the budget he and legislative Democrats put into action in 2019. It’s my hope that the combination of his proposal and our caucus bill to restore the pass-through entity tax credit will generate momentum within the General Assembly and get this done for taxpayers and the small business community.”
Legislative Democrats, with Gov. Lamont, reduced the pass-through entity tax credit to 87.5 percent in the 2019 budget process. House Republicans, contending that change amounted to a tax hike on small businesses, introduced a bill (H.B. 5010) last year to restore the credit to 93.01 percent. House Republicans have an active bill proposal (H.B. 5293) this year to do the same.