CT SB01052

Interest on tax overpayments is allowed at two-thirds of one percent per month, beginning 91 days after the tax return filing date (or 91 days after the prescribed filing date, whichever is later) for original returns, and 91 days after amended return filing dates, effective July 1, 2013.

Cosmetic grade mineral oil is exempted from the petroleum products gross receipts tax for first sales on or after July 1, 2013; export credits are expanded to include petroleum products incorporated into materials in the NAICS 3255 industry group and used outside the state.

Tax credit ordering rules for insurance company taxes require claiming credits in this order: (1) carry-back credits expiring soonest, (2) non-carryable credits, then (3) carry-forward credits expiring soonest, with no credit claimed more than once, effective January 1, 2013.

The donation of land for educational use becomes eligible for a 50% tax credit under the personal income tax, while the existing educational land donation credit under section 12-217ff is repealed for donations made on or after January 1, 2013.

Commissioner of Revenue Services must study the personal income tax structure and report findings to the legislature by January 15, 2014, analyzing tax rates and credits by filing status and recommending changes to ensure equitable tax liability.