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CT HB06539

Bill

Official Source

Status

Introduced

1/26/2015

Primary Sponsor

Daniel Fox

Click for details

Origin

House of Representatives

2015 General Assembly

AI Summary

  • Amends Section 12-701(a)(20)(B)(ix) of Connecticut General Statutes regarding income tax deductions for out-of-state municipal bond premiums
  • Expands eligibility for the deduction to all taxpayers, removing the current restriction limiting it to those who trade bonds as a trade or business
  • Allows taxpayers to deduct amortizable bond premiums on out-of-state bonds whose interest is subject to Connecticut taxation but exempt from federal tax
  • Applies the deduction when calculating Connecticut adjusted gross income, limited to premiums not deductible in determining federal adjusted gross income

Legislative Description

An Act Concerning The Deductibility Of Premiums Paid On Out-of-state Bonds.

Last Action

Referred to Joint Committee on Finance, Revenue and Bonding

1/26/2015

Committee Referrals

Finance, Revenue and Bonding1/26/2015

Full Bill Text

No bill text available