A growing concern that I hear from our Manufacturers is the Gross Receipt Tax exemption which could be in jeopardy this session. The state is understandably looking at all possibilities when trying to close the deficit gap and rescinding the exemptions for manufacturers on the Gross Receipts tax (GRT) would be a HUGE MISTAKE.
The GRT is currently 7% of all gross earnings or receipts. If the legislature repeals this exemption for manufacturers, it will effectively add more than 7% to every manufacturer’s state taxes. Connecticut already has enough anti-business bills and proposals in place and we cannot afford to let this happen during these tough times.
As of now I am unaware of any proposed Bill of this kind but I will keep you posted once it is introduced.
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