CT SB01096

Effective July 1, 2021, corporations and affected business entities may exchange excess tax credits they cannot use against their own state tax liability for a credit refund equal to 90 percent of the credit's value.

Applications for credit refunds must be submitted to the Commissioner of Revenue Services in a form and manner prescribed by the commissioner.

The aggregate amount of credit refunds allowed in any single fiscal year cannot exceed $500 million.

The Commissioner may deny a credit refund if the applicant has unpaid state taxes (including interest, penalties, and fees) that are more than 30 days overdue and not subject to a pending administrative appeal, unless the entity pays the delinquent amount or enters into a payment agreement within 30 days of written notice.

Credit refunds are not subject to the provisions of section 12-227 of the general statutes.