SB 11 Summary

• Imposes a new 6.99% tax on affected business entities (partnerships and S corporations) starting January 1, 2018, with members receiving credits against their personal income tax equal to 93.01% of the tax paid.

• Modifies estate and gift tax thresholds effective January 1, 2020 to $5.49 million for Connecticut taxable estates and gifts (tied to a fixed amount rather than the federal basic exclusion amount).

• Allows nonresident employees present in Connecticut for 15 days or fewer during a taxable year to exclude compensation from Connecticut income taxation.

• Adds a residential property tax credit program allowing municipalities to credit donations to designated community supporting organizations against property taxes, with the organization providing grants back to the municipality.

• Requires the Commissioner of Economic and Community Development to study and report on marketing qualified opportunity zones to increase investment in distressed census tracts by January 1, 2019.