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CT HB06600
Bill
Status
3/7/2013
Primary Sponsor
Commerce Committee
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AI Summary
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Establishes a tax rate voucher program administered by the Department of Economic and Community Development for partners in qualified businesses (partnerships and S corporations) in manufacturing, bioscience, and allied health fields.
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Provides increasing marginal tax rate reductions for eligible partners: 0.5% for 2013, 1% for 2014, 1.5% for 2015, and 2% for 2016 under Connecticut's income tax.
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Partners must apply annually to the Department of Economic and Community Development with required documentation to determine eligibility and receive vouchers.
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Department may charge reasonable administrative fees to cover application analysis costs and shall provide voucher copies to the Commissioner of Revenue Services for tax filing purposes.
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Effective July 1, 2013, and applies to taxable years beginning January 1, 2013 and after.
Legislative Description
An Act Concerning A Pilot Program For The Taxation Of Pass-through Entities In The Manufacturing, Bioscience, And Allied Health Fields.
Last Action
Favorable Change of Reference, Senate to Committee on Finance, Revenue and Bonding
3/22/2013