Connecticut Governor Dannel P. Malloy wants to give insurance firms state tax cuts that are expected to result in $11 million in savings in the next year, and $22 million in 2019.
Gov. Malloy proposed a reduction on insurance premium taxes from the current 1.75% to 1.5%.
“There are simple and relatively inexpensive ways we can improve the business climate by making state government more predictable and sustainable,” Malloy was quoted as saying in a statement by the
Hartford Courant.
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“The insurance industry has a long and storied history in Connecticut, and we must ensure that we maintain our competitive edge so they continue to thrive and grow in our state,” he added.
The local chief executive noted that the tax cuts are expected to save insurance firms based in the state millions in taxes. There are currently around 60,000 insurance workers across the state.
If approved, the measure will take effect next year.
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