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CT HB06922

Bill

Official Source

Status

Introduced

3/16/2023

Primary Sponsor

Finance, Revenue and Bonding Committee

Click for details

Origin

House of Representatives

2023 General Assembly

AI Summary

  • Extends the business operating loss carryover period from 5 years to 20 years for losses incurred between January 1, 2000 and January 1, 2015
  • Further extends the carryover period to 30 years for operating losses incurred on or after January 1, 2015
  • Limits deduction of operating losses for income years beginning on or after January 1, 2015 to 50 percent of net income per year, instead of allowing full deduction
  • Allows combined groups with over $6 billion in unused operating losses from before January 1, 2013 to elect relinquishing 50 percent of those losses and using the remainder without the 50 percent limitation, capped at reducing tax to $2.5 million annually
  • Applies effective immediately upon passage and amends Connecticut General Statutes Section 12-217(a)(4)

Legislative Description

An Act Concerning The Business Operating Loss Carry-over Period.

Last Action

File Number 683

5/2/2023

Committee Referrals

Finance, Revenue and Bonding3/16/2023

Full Bill Text

No bill text available