DANBURY, Conn. -- Danbury Rep. Richard A. Smith voiced his support for legislation that would provide $60 million in tax relief to state businesses recently.
The proposal would eliminate the special assessment businesses pay on money borrowed from the federal government for the state’s unemployment insurance fund, Smith, a Republican who also represents parts of New Fairfield, Sherman and New Milford as well as Danbury in the state's 108th District.
That fund became insolvent in late 2009 during the recession when the unemployment rate spiked, and the state has since thrust the cost on the backs of job creators.
The legislation would eliminate the surcharge completely by pre-paying the interest in full, allowing small businesses to keep their revenue for expansion and job creation.
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