CT HB05471

Revises definition of "taxpayer" and "company" under corporate tax law to exclude passive investment companies and municipal utilities, effective October 1, 2014

Modifies "net income" definition for domestic life insurance companies to clarify treatment of tax-exempt interest and loss carry-backs and carry-overs, effective October 1, 2014

Updates "carrying on or doing business" definition to specifically include electric suppliers and generation entities engaged in establishing markets for electricity sales to Connecticut customers, effective October 1, 2014

Corrects definition of "captive real estate investment trust" to clarify ownership thresholds and exceptions for certain foreign and publicly-traded trusts, effective October 1, 2014

Makes technical corrections to tax provisions including hotel occupancy tax rates, tax credits for new employees, conveyance tax exemptions, electronic funds transfer requirements, and the Bioscience Innovation Advisory Committee composition, all effective October 1, 2014