Michigan’s Senate approved a bill yesterday to extend the state’s film tax credit program, which was limited and reduced in 2011 and set to expire in 2017. It’s now up to the House to decide whether to proceed. From...
The facts on Connecticut’s Tax Climate
6.7%individual income taxTop rate
9%corporate income taxFlat rate
$2577property taxcollections per capita
Connecticut's Individual Income Tax System
Connecticut's personal income tax system consists of six brackets and a top rate of 6.7%. That rate ranks 16th highest among states levying an individual income tax. Connecticut's state and local income tax collections per person were $1806 in 2011 which ranked 3rd highest nationally.
50-State Table of Individual Income Tax Rates
50-State Table of State Individual Income Tax Collections
50-State Table of State and Local Individual Income Tax Collections Per Capita
Connecticut's Corporate Income Tax System
Connecticut's corporate income tax system consists of a flat rate of 9%. That rate ranks 8th highest among states levying a corporate income tax. Connecticut's state and local corporate income tax collections per person were $188 in 2011 which ranked 11th highest nationally.
50-State Table of Corporate Income Tax Rates
50-State Table of State and Local Corporate Income Tax Collections Per Capita
50-State Table of State Corporate Income Tax Collections Per Capita
Connecticut Sales and Excise Taxes
Connecticut levies a 6.35% general sales or use tax on consumers, which is above the national median of 5.95%. Connecticut's state and local governments collect $908 per person in general sales taxes and $634 per person in excise taxes, for a combined figure of $1542, which ranks 20th lowest nationally. Connecticut's gasoline tax stands at 49.3¢ (3rd highest nationally), while its cigarette tax stands at $3.4 (4th highest nationally.)
50-State Table of State and Local General and Selective Sales Tax Collections Per Capita
Connecticut Property Tax Collections Relatively High
Connecticut's state and local governments collected approximately $2577 per person in property taxes, which ranks 2nd highest nationally.
State and local property tax collections per capita by state
Tax Freedom Day Arrives on May 9th in Connecticut
Tax Freedom Day is the day when Americans finally have earned enough money to pay off their total tax bill for the year. In 2014, Connecticut taxpayers worked until May 9th (latest nationally) to pay their total tax bill. The Tax Freedom Days of neighboring states are: New York, May 4th (ranked 3rd latest nationally); Massachusetts, April 29th (ranked 5th latest nationally); and Rhode Island, April 23rd (ranked 12th latest nationally).
Connecticut's State and Local Tax Burden Above National Average
Connecticut's 2011 tax burden of 11.86% ranks 3rd highest out of 50 states, and is above the national average of 9.8%. Connecticut's taxpayers pay $7150 per capita in state and local taxes.
Connecticut's State-Local Tax Burden, 1977-Present
Other States' State/Local Tax Burdens
Map of U.S. Showing all State's Burdens and Ranks
Historical Chart Comparing All States' State/Local Tax Burdens from 1977 to 2009
Connecticut's 2014 Business Tax Climate Index Ranks 42
Connecticut ranks 42nd in the Tax Foundation's State Business Tax Climate Index. The Index compares the states in five areas of taxation that impact business: corporate taxes, individual income taxes, sales taxes, unemployment insurance taxes, and taxes on property, including residential and commercial property. The ranks of neighboring states are as follows: New York, 50th, Massachusetts, 25th, and Rhode Island, 46th.
50-State Comparison of Business Tax Climates (data only) (2013)
2014 State Business Tax Climate Index (full study)
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