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

Connecticut House Bill 5106 (Prior Session Legislation)

Introduced

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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 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.