[Mr_250]

I'm a small business guy so I like to see this..

"There were 263,511 such sole proprietorships or "nonemployer" businesses that year, up from 261,922." (CT sees more sole proprietorships | HartfordBusiness.com)

Top sectors: Real Estate and Construction

[mlassoff]

Originally Posted by Mr_250

I'm a small business guy so I like to see this..

"There were 263,511 such sole proprietorships or "nonemployer" businesses that year, up from 261,922." (CT sees more sole proprietorships | HartfordBusiness.com)

Top sectors: Real Estate and Construction

And a significant percentage of these will grow in to LLC's and Corporations. They'll hire employees and grow. Economic development-- even here in Connecticut.

[JayCT]

Here is another new area for growth in Connecticut: Captive Insurance. It is a form of self insurance risk protection for companies and recent changes in Connecticut law has made it possible for insurance companies to take advantage of them. An explanation is below:

CT touts new law to lure captive insurers | HartfordBusiness.com

So far eight new companies have been approved for this.

CT OKs Hartford reinsurance captive | HartfordBusiness.com

Since Connecticut has so many insurance companies, it is logical that these new businesses be formed here. Jay

[BobNJ1960]

Good thing you showed the definition for captive insurance. Many would have thought it was a nickname for residents under Malloy's tax hikes.

Interesting.

[Mr_250]

Here is crunch time. Accounts from newspapers make it seem like there might be a budget deal on the table. June 3rd is the end date but they can call a special session and extend it until July 3rd. Got Budget? - Ken Dixon's Blog-O-Rama

C-D...what do we think will happen..here are my thoughts (basically what the article says).

-Increase income tax rate on wealthy
-New taxes on about 30 services that never taxed before
-Corporate tax will be kept at current level with reduction in tax credits available
-SB1 will be upheld, but in a slightly different form (this law impacts sales and property tax)

This is the actual bill http://www.cga.ct.gov/2015/FN/2015SB...R000842-FN.htm . Interesting read.

I do not think that we (CT Taxpayers) will see a direct impact i.e. income tax increase but I do think we will see increase cost for merchandise, services and property tax.

Basically CT has a large deficit predicted for the next two years and if this year (income tax receipts coming in will below expected levels) is any indication what to come, lets just hope the legislature keeps it manageable.

Thoughts?

[BPt111]

Negotiators Reach State Budget Deal Sunday Morning - Hartford Courant

[BPt111]

If this tax bill passes, we will become much less competitive,'' Brennan said early Sunday morning at the Capitol. "I completely cannot understand the rationale. … This is only going to set Connecticut backwards.''

[Mr_250]

Ouch...

GE Warns Connecicut ..."seriously consider whether it makes any sense to continue to be located in this state." GE Issues Statement On Potential Increase To Connecticut Taxes - NASDAQ.com

This is just one of many large Corporations that will feel the pinch. Whose next, my guess Stanley Works!

[mlassoff]

Originally Posted by Mr_250

Ouch...

GE Warns Connecicut ..."seriously consider whether it makes any sense to continue to be located in this state." GE Issues Statement On Potential Increase To Connecticut Taxes - NASDAQ.com

This is just one of many large Corporations that will feel the pinch. Whose next, my guess Stanley Works!

General Electric Tax Rate 1.8 Percent Over Decade, Report Finds (UPDATE)

Why GE is somehow entitled to pay a lower tax rate (exponentially lower...) than my company is beyond me. GE avoids federal taxes together.

If you wonder why your tax bill is so high, maybe you should ask your exalted job creators why theirs is so low? It takes money to run the country.

[Mike 75]

Sounds to me like Malloy will be reaching out to GE with some sweetheart tax breaks and incentives to keep them in CT. This first five program has taken on a life of its own.