AN ACT CONCERNING THE AFFECTED BUSINESS ENTITY TAX AND THE CREDIT RELATED THERETO AND ESTABLISHING A SURCHARGE ON THE AMOUNT OF FEDERAL QUALIFIED BUSINESS INCOME DEDUCTIONS CLAIMED BY CERTAIN FILERS.

Summary

The bill imposes a 1 % surcharge on the state’s affected business entity tax and a 10 % surcharge on the federal qualified business income (QBI) deduction claimed by taxpayers in the highest marginal income bracket. It also changes the tax credit, lowering it to 83.6 % for those top‑rate filers and raising it to 97.3 % for the three lowest marginal rates. The measures are intended to raise additional revenue from high‑income businesses and individuals.

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