February 6, 2018 1 COMMENTS

Malloy's revised budget affects business taxes, tax credits, XL Center

PHOTO | HBJ File
PHOTO | HBJ File
The XL Center in Hartford.

Gov. Dannel P. Malloy's revised fiscal year 2019, $20.7 billion budget proposes several changes to business taxes and tax credit programs.

The Democratic lame-duck governor also is proposing to spend $100 million to continue rehabilitating Hartford's XL Center, which is expected to go on the sales block soon. Malloy also wants to invest $16 million to construct parking to support redevelopment around Hartford's Bushnell Center for Performing Arts.

And with regard to transportation, Malloy would establish a seven-cents-per-gallon gasoline tax hike this summer, starting July 1, and add electronic tolling on highways by mid-2022. Those changes are expected to stabilize the Special Transportation Fund and support a long-term infrastructure overhaul.

Among the changes affecting the business community, Malloy would:

  • Maintain the hospital tax at FY18/FY19 levels;
  • Limit $2.5 million cap on unitary to manufacturers;
  • Add a corporate surcharge of 8 percent beginning in FY 2019;
  • Restore energy fund sweeps in FY 2019 (RGGI/Green Bank);
  • Expand bottle bill to wine and liquor at 25 cents;
  • Eliminate the $200 property tax credit;
  • Increase the hotel occupancy tax from 15 percent to 17 percent;
  • Repeal 7/7 brownfield tax credit program; and
  • Eliminate $500 credit for STEM graduates.
Comments

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Pbruhn

02/07/18 AT 08:25 AM
These are the only ideas they can come up with? We do not need 16 million for parking. There is plenty of parking in the area, fix the roads. We need mass transportation. What is this .25 cent on wine bottles and liqueur bottles?? seriously we are over taxed on beverage industry as is.. Raise the hotel occupancy tax? Killing more tourism with this one, most hotels are too pricey for the area. This is not NYC. There are better options then what are proposed. How about a town hall meeting Governor? Lets us help you fix the budget.
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