Connecticut proposes combined reporting legislation

myStateTaxOffice
Proposed Connecticut legislation would require a "combined group" to file a combined unitary tax return on a water's-edge basis, unless an election to compute the tax on a worldwide basis is made, applicable to income years beginning on and after January 1, 2011. The legislation lays out which corporate groups have to file unitary returns, how unitary groups should apportion net income, net operating losses, and their capital base. The bill also addresses the treatment of certain tax credits, credit limits, and minimum taxes, and the estimated tax payment requirements for groups filing unitary returns, among other items. [H.B. 6628, referred to Joint Committee on Finance, Revenue and Bonding, 3/22/11]


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