CT HB05445

Amortizable bond premium on bonds where interest is taxable in Connecticut but exempt from federal tax may be subtracted when calculating Connecticut adjusted gross income, even if not attributable to the taxpayer's trade or business

Removes the prior requirement that the amortizable bond premium subtraction be connected to a trade or business carried on by the individual taxpayer

Effective January 1, 2027, applying to taxable years commencing on or after that date

Amends Section 12-701(a)(20)(B) of the Connecticut General Statutes by relocating the bond premium provision from clause (ix) to clause (viii)