Income/Franchise:
Connecticut: New Law Includes Corporate Tax Surcharge Extension and Delayed Capital Base Tax Phase-out
S.B. 1202, signed by gov. 6/23/21; H.B. 6689, signed by gov. 6/23/21. Recently signed companion “implementing” legislation to Connecticut’s enacted budget bill includes the following tax-related changes:
Extends Connecticut’s 10% corporate business tax surcharge for two additional years through to tax years beginning prior to January 1, 2023;
Delays start of the phase-out of Connecticut’s corporate capital base tax from the 2021 tax year to the 2024 tax year; and
Phases out Connecticut’s corporate capital base tax over eight years (rather than over four).
See forthcoming Multistate Tax Alert for more details on this legislation, and please contact us with any questions in the meantime.
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