Comptroller Kevin Lembo has unveiled more than a dozen recommendations on changes to Connecticut’s tax policy that he says will improve the transparency, efficiency, effectiveness of the state’s business-tax system.
The recommendations emerged from a Business Tax Policy Task Force established by Gov. Dannel P. Malloy that was established to create stronger oversight over government expenditures to the business community.
Lembo’s 13 recommendations include:
• Creating an on-line searchable database for business tax credits
• Requiring combined reporting for all corporations
• Encouraging municipalities to regularly produce publicly available reports on existing property tax abatements
• Producing an annual tax incidence analysis report
• Producing an annual effective tax rate report for businesses
• Publishing an annual report reviewing the current status of each firm in the Department of Economic and Community Development business assistance portfolio
• Enhancing the Office of Fiscal Analysis’ biennial tax expenditure report
• Creating a permanent commission of tax and policy experts to review all tax expenditures on an ongoing basis
