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Malloy pressured legislative leaders on pension reform and corporate tax relief as he prepared for Thursday’s big meeting with GE’s top executives about staying in Connecticut, the Post says.
In threatening to move its headquarters out of state, GE’s main issue has been the reduction of a corporate tax break for net operating losses, which it was counting on to reduce its bill from the sale of several business units, the article said.
The new unitary tax combined with other unfavorable business excises makes Connecticut an unfavorable place to do business, GE has said in the past. The state has a $350 million budget deficit and one of the worst public pension shortfalls nationwide.
GE is reportedly looking at a move to New York City or Westchester County, N.Y., among other locations.
For the full story see ctpost.com.
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