CT SB01053

Eliminates the hospitals tax imposed on net patient revenue, with a four-year phase-out period from July 1, 2017, through July 1, 2021.

Reduces the tax rate in annual increments: 80% of prior rates (July 2017-July 2018), 60% (July 2018-July 2019), 40% (July 2019-July 2020), 20% (July 2020-July 2021), and zero thereafter.

Maintains the Commissioner of Social Services' authority to exempt hospitals from the outpatient portion of the tax based on financial hardship during the phase-out period.

Increases the allowable tax credit cap progressively from 50.01% (July 2015-January 2016) to 70% (January 2019-July 2021) of taxes due under related sections.

Requires hospitals to file quarterly returns and make payments electronically until August 1, 2021.