Saturday, January 05, 2013
Some Connecticut Companies Get Breaks in Fiscal Cliff Deal
By Ana Radelatwww.ctmirror.org
Washington —While lawmakers championed the fiscal cliff deal as the mechanism that keep taxes on the middle class from rising, they also, more quietly, approved special tax breaks that will benefit several Connecticut businesses.
The tax breaks range from credits to rum makers like Diageo to research and development write-offs for large companies like United Technologies.
They all expired at the end of 2011. Now they can be used retroactively for companies’ 2012 taxes and again when they file their 2013 taxes next year. They will cost more than $63 billion this year, according to an analysis by the Joint Committee on Taxation.
Taxpayers for Common Sense identified “Top 10 Fiscal Cliff Tax Fails” among the so-called extenders attached to the legislation Congress approved on New Year’s Day.
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