CT HB05494

Modifies tax code definitions and terminology, including simplifying references to the "Commissioner of Revenue Services" to "Commissioner" and adding new definitions for "captive real estate investment trust" with specific ownership thresholds under Section 856 of the Internal Revenue Code.

Updates motor carrier reporting requirements to establish fixed quarterly reporting deadlines (January 31, April 30, July 31, October 31) rather than flexible periods, and requires commissioner regulations for administration and enforcement.

Lowers the electronic funds transfer threshold for tax payment requirements from $10,000 to $4,000 for monthly/quarterly filers and from $10,000 to $2,000 for employers withholding Connecticut income tax.

Expands the historic preservation tax credit program to allow phased project completions with separate vouchers for identifiable portions, eliminates municipal agency approval requirements, and allows recapture of credits if residential portions are not completed within the schedule outlined in the rehabilitation plan.

Increases the community-based alcoholism prevention/treatment program tax credit from 40% to 60% of invested amounts and removes repealed sections 12-3f, 12-34d, and 12-315a.