Companies, activists unite against corporate income tax

Simmering opposition to a corporate income tax pushed by leading lawmakers came to a boil this week when corporate lobbyists and lawyers joined Republican party activists to bash the measure at a Senate committee hearing.

The Valentine’s Day hearing brought lawyers in well-tailored suits worried about corporate bottom lines together with tea-party-style conservatives galvanized by fears of a scheme to impose broader income taxes — a specter pushed by the Wyoming Republican Party.

The Senate Corporations, Elections and Political Subdivisions Committee delayed a vote on House Bill 220 – National retail fairness act until Tuesday but took three hours of public testimony, nearly all of it opposed to the bill.

House Bill 220 would raise money for Wyoming schools by imposing a 7 percent income tax on publicly traded corporations that do business in Wyoming’s retail and hospitality sector — corporate restaurants like Applebee’s and retailers like Wal-Mart. Because of a provision added to Wyoming’s Constitution in the 1970s, supporters say, the corporations would be able to credit the sales and property taxes they pay against the new income tax.

Read more: https://www.wyofile.com/companies-activists-unite-against-corporate-income-tax/