Bill Text: CT HB06373 | 2017 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2017-01-23 - Referred to Joint Committee on Finance, Revenue and Bonding [HB06373 Detail]

Download: Connecticut-2017-HB06373-Introduced.html

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General Assembly		Proposed Bill No. 6373
January Session, 2017		LCO No. 2445
		*02445*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. ALBIS, 99th Dist. REP. LEMAR, 96th Dist. REP. ELLIOTT, 88th Dist.

AN ACT ESTABLISHING 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: (1) For a pay ratio of 25:1 or less, five per cent; (2) for a pay ratio of greater than 25:1 up to and including 100:1, seven and one-half per cent; (3) for a pay ratio of greater than 100:1 up to and including 250:1, ten per cent; and (4) for a pay ratio of 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.