Business Information & Rankings
- Connecticut ranked 2nd for the Smartest State Award (Morgan Quitno Press, 2005)
- Connecticut ranked 9th on the Top 10 Small Tech Hot Spots List (Small Times Magazine, 2004)
- Connecticut ranked 10th on the State Technology & Science Index (Milken Institute, 2004)
Cost of Living Index
|For Hartford, CT (2005):||Index Score|
|Misc. Goods & Services:||106.1|
Connecticut has the 12th lowest crime ranking among U.S. States. (FBI, 2004)
Fees & Taxes
Business Inventory Tax
Connecticut does not tax business inventory.
Corporate Income Tax
Rate: 7.5 %.
The tax is the greater of: (1) the applicable net income tax rate; (2) 3 1/10 mills per dollar of capital holding; or (3) the minimum tax of $250.
Personal Income Tax
The first $20,000 is taxed at 3% and anything over $20,000 is taxed at 5%.
Personal Property Tax
State Sales and Use Tax
Base Rate: 6 %
Machinery Rate: None
An exemption is given on sales, storage, use or consumption of machinery used directly in a manufacturing process.
Connecticut’s new employers’ rate is 2.7% for 2 years.