CT HB06623

Requires the Commissioner of Revenue Services to include adjusted gross income data sorted by town, city, or borough in the annual tax data report submitted to the Legislative Office of Fiscal Analysis by December 31st.

Mandates that taxpayers specify their town, city, or borough of legal residence on personal income tax returns to enable collection of town-level income data.

Applies to reports due for the fiscal year ending June 30, 2012 and thereafter, effective July 1, 2011.

Maintains existing reporting requirements for sales and use tax, corporation business tax, estate and gift tax, personal income tax, admissions and dues tax, real estate conveyance tax, and other state taxes.

Aims to provide towns with income data necessary for calculating various state funding formulas based on resident income levels.