Bill Text: CT HB05106 | 2018 | General Assembly | Introduced


Bill Title: An Act Concerning A Pay Ratio Corporation Income Tax On Publicly Traded Companies.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2018-02-14 - Referred to Joint Committee on Finance, Revenue and Bonding [HB05106 Detail]

Download: Connecticut-2018-HB05106-Introduced.html

General Assembly

 

Proposed Bill No. 5106

 

February Session, 2018

 

LCO No. 495

 

*00495*

Referred to Committee on FINANCE, REVENUE AND BONDING

 

Introduced by:

 

REP. ALBIS, 99th Dist.

 

AN ACT CONCERNING A PAY RATIO CORPORATION INCOME TAX ON PUBLICLY TRADED COMPANIES.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That the general statutes be amended to replace the current corporation income tax on publicly traded corporations with a corporation income tax rate based on the ratio between such corporation's highest-paid employee and the median compensation level of such corporation's employees as follows: For a pay ratio of (1) 25:1 or less, five per cent; (2) greater than 25:1 up to and including 100:1, seven and one-half per cent; (3) greater than 100:1 up to and including 250:1, ten per cent; and (4) greater than 250:1, twenty-five per cent.

Statement of Purpose:

To replace the current corporation income tax on publicly traded corporations with a corporation income tax rate based on a pay ratio scale.

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