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SB 1 - Amending the Tax Code relating to Bonuses, TARP Recipients, and Small Businesses - Connecticut Key Vote

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Title: Amending the Tax Code relating to Bonuses, TARP Recipients, and Small Businesses

Vetoed by Governor Jodi Rell


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Title: Tax Code Amendments

Vote Smart's Synopsis:

Vote to pass a bill that decreases taxes for small businesses and establishes a tax on bonuses from the federal Troubled Assets Relief Program.

Highlights:

-Specifies that businesses that make $50,000 or less in the calendar years 2010 and 2011 and employ at least one full-time employee for 8 months or more during the year will be exempt from the taxes required by Section 12-248b of the Connecticut statutes concerning business taxes (Sec. 1). -Defines a "full-time employee" as anyone a business pays to work 35 hours or more a week (Sec. 1). -Establishes that a covered TARP recipient must pay a tax of 8.97 percent on a bonus of $500,000 or more (Sec 2). -Defines a "covered TARP recipient" as any individual that receives funds directly from the federal Troubled Assets Relief Program (TARP) (Sec. 2). -Specifies that any bonuses individuals receive from TARP will be subtracted from that individuals' gross annual income (Sec. 3).

Full Bill Text

See How Your Politicians Voted

Title: Tax Code Amendments

Vote Smart's Synopsis:

Vote to pass a bill that decreases taxes for small businesses and establishes a tax on bonuses from the federal Troubled Assets Relief Program.

Highlights:

-Specifies that businesses that make $50,000 or less in the calendar years 2010 and 2011 and employ at least one full-time employee for 8 months or more during the year will be exempt from the taxes required by Section 12-248b of the Connecticut statutes concerning business taxes (Sec. 1). -Defines a "full-time employee" as anyone a business pays to work 35 hours or more a week (Sec. 1). -Establishes that a covered TARP recipient must pay a tax of 8.97 percent on a bonus of $500,000 or more (Sec 2). -Defines a "covered TARP recipient" as any individual that receives funds directly from the federal Troubled Assets Relief Program (TARP) (Sec. 2). -Specifies that any bonuses individuals receive from TARP will be subtracted from that individuals' gross annual income (Sec. 3).

Full Bill Text

Committee Sponsors

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