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HB 5023

AN ACT REDUCING FEES FOR SMALL BUSINESS FILINGS WITH THE SECRETARY OF THE STATE.

2026 Regular Session Introduced by Jason Buchsbaum and 1 co-sponsor

Connecticut bill reduces small business filing fees with Secretary of State to lower startup costs and encourage entrepreneurship.

REF. TO JOINT COMM. ON Finance, Revenue and Bonding
#corporatefilingfees #smallbusinesses
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Bill Summary · HB 5023

Legislative bill overview

HB 5023 proposes to reduce filing fees that small businesses must pay to Connecticut's Secretary of the State office. The bill aims to lower the financial barriers to business formation and maintenance for smaller enterprises. The specific fee reductions and which filings are covered are not detailed in the available information.

Why is this important

Lower filing fees can reduce startup costs and operational expenses for small businesses, potentially encouraging entrepreneurship and business creation in Connecticut. However, the state relies on these fees as revenue, so reductions must be balanced against impacts to the Secretary of the State's budget and operations.

Potential points of contention

  • Revenue impact: Reduced fees decrease state revenue that funds the Secretary of the State's office, potentially requiring budget cuts or alternative funding sources
  • Definition of "small business": Disagreement over which business sizes qualify for reduced fees and whether the threshold is appropriate
  • Equity concerns: Questions about whether fee reductions primarily benefit certain industries or regions, and whether the measure adequately targets struggling businesses versus all small entities

Compiled from official sources — confirm details with the bill’s official record.

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