CT SB00448

Excludes voting power or beneficial interests in real estate investment trusts held by segregated asset accounts of life insurance companies (defined under Internal Revenue Code Section 817) from the calculation of whether a trust qualifies as a "captive real estate investment trust" for tax purposes, effective for income years commencing January 1, 2016.

Replaces Connecticut's three-factor apportionment method (property, payroll, and gross income) with a single-factor gross income apportionment formula for corporate tax purposes, effective January 1, 2017, specifying how gross receipts are allocated based on location of property delivery, service usage, and taxpayer market.

Expands the definition of "retailer" and "engaged in business in the state" under sales tax law to include persons with substantial economic presence in Connecticut evidenced by purposeful direction of business toward the state, without regard to physical presence, effective October 1, 2016.

Extends the corporate tax return due date from the fourth month to the fifth month following the end of the income year for entities not required to file federal income tax returns, effective for income years commencing January 1, 2016.

Aligns nonresident partner, S corporation shareholder, and trust/estate beneficiary income apportionment methods with the single-factor gross income apportionment provisions, effective January 1, 2017.