SB 01077 Summary

• Allows affected business entities (partnerships and S corporations) to file composite income tax returns on behalf of nonresident individual members, with tax calculated using the highest marginal rate less applicable credits, effective immediately upon passage.

• Changes Connecticut estate tax filing threshold from a fixed $5.49 million to the federal basic exclusion amount (adjusted annually by the IRS), effective October 1, 2021.

• Modifies the conveyance tax credit for certain residential real property by changing the calculation period to begin with the third taxable year after conveyance and adjusting the excess threshold to $800,000, effective for taxable years beginning January 1, 2023.

• Expands tax refund claim deadlines for taxpayers affected by federal or other state tax changes, and closes audit periods once final, preventing additional refund claims except under specific statutes.

• Broadens the definition of "peace officer" in criminal law to include special policemen appointed under Section 29-18b, making conforming changes to statutes governing use of force, arrest procedures, and assault of public safety personnel.