HB 7313 Summary

• Imposes a 19% surcharge on income derived from investment management services, effective only after the Commissioner of Revenue Services certifies that New Jersey, New York, and Massachusetts have enacted substantially similar legislation.

• Surcharge applies to services including advising on asset investments, managing or acquiring assets, arranging financing for asset acquisition, or supporting activities for these services provided to partnerships, S corporations, or other entities.

• Exempts entities where at least 80% of average fair market value of assets consists of real property from the surcharge.

• Surcharge ceases to apply upon certification that Congress has enacted and implemented substantially similar federal legislation.

• Amends Connecticut General Statutes Section 12-700 regarding income tax rates and applies to resident, nonresident, and part-year resident taxpayers and trusts/estates.