Title 12 — Title 12: Taxation

Sec. 12-217y. Tax credit for employing persons who are receiving benefits from the temporary family assistance program. Section 12-217y is repealed, effective June 18, 2013. (P.A. 97-295, S. 7, 25; P.A. 98-262, S. 14, 22; P.A. 99-203, S. 1, 3; P.A. 00-174, S. 25, 83; P.A. 13-140,…

Sec. 12-217z. Business Tax Credit and Tax Policy Review Committee. Section 12-217z is repealed, effective July 1, 2023. (P.A. 97-295, S. 4, 25; P.A. 98-262, S. 14, 22; P.A. 05-251, S. 64; P.A. 23-204, S. 444.)

Sec. 12-217zz. Limit on credits under this chapter. (a) Except as otherwise provided in subsection (b) of this section and sections 12-217aaa and 12-217bbb, the amount of tax credit or credits otherwise allowable against the tax imposed under this chapter shall be as follows: (1)…

Sec. 12-218. Apportionment of net income. (a) Any taxpayer which is taxable both within and without this state shall apportion its net income as provided in this section. For purposes of apportionment of income under this section, a taxpayer is taxable in another state if in such…

Sec. 12-218a. Apportionment of tax on insurance company. (a) Except as provided in subsection (b) of this section, any tax imposed on domestic insurance companies by section 12-214 shall be imposed on the base specified for such tax apportioned to this state by multiplying the ba…

Sec. 12-218b. Apportionment of net income of financial service companies. (a) For purposes of this section: (1) “Administrative services” includes, but is not limited to, clerical, fund or investment or account holder accounting, participant record keeping, transfer agency, bookk…

Sec. 12-218c. Restrictions on the deductibility of certain intangible expenses and interest expenses with a related member. (a) As used in this section: (1) “Affiliated group” has the same meaning as in Section 1504 of the Internal Revenue Code. (2) “Intangible expenses and costs…

Sec. 12-218d. Restriction on the deductibility of interest expenses or costs related to certain transactions with related members. (a) As used in this section: (1) “Affiliated group” has the same meaning as in Section 1504 of the Internal Revenue Code. (2) “Interest expenses and …

Sec. 12-218e. Combined group's net income. Apportionment percentage. Net operating loss. Carryover. Additional tax base. Nexus combined base tax. (a) For purposes of this chapter, the combined group's net income shall be the aggregate net income or loss of each taxable member and…

Sec. 12-218f. Combined group determined on world-wide basis, affiliated group basis or water's-edge basis. Tax havens. (a) For purposes of this section, “affiliated group” means an affiliated group as defined in Section 1504 of the Internal Revenue Code, except such affiliated gr…

Sec. 12-218g. Net deferred tax liability and assets. Deductions. (a) For purposes of this section, “net deferred tax liability” means deferred tax liabilities that exceed the deferred tax assets of the combined group, as computed in accordance with generally accepted accounting p…

Sec. 12-218h. Valuation allowance. Deductions. (a) For purposes of this section, “valuation allowance” means the portion of a deferred tax asset for which it is more likely than not that a tax benefit will not be realized, as determined in accordance with generally accepted accou…

Sec. 12-219. Capital base tax. Phase-out. Surcharge. (a)(1) Each company subject to the provisions of this part shall pay for the privilege of carrying on or doing business within the state, the larger of the tax, if any, imposed by section 12-214 and the tax calculated under thi…

Sec. 12-219a. Apportionment of tax base in and out of state. Insurance companies excepted. (a) If a taxpayer is taxable both within and without the state, a tax shall be imposed on the base as provided in section 12-219, apportioned on the following basis: (1) The average monthly…

Sec. 12-219b. Election with respect to apportionment of net income. (a) With respect to the taxation under this chapter in income years commencing on or after January 1, 1996, of a company's distributive share as a partner of partnership income or loss in all partnerships in whic…

Secs. 12-220 to 12-221. Allocation of minimum tax base. Apportionment of additional tax. Allocation in special cases. Sections 12-220 to 12-221, inclusive, are repealed. (1949, Rev., S. 1901, 1902; 1951, 1953, S. 1097d; 1957, P.A. 560, S. 3; 1961, P.A. 356; 1967, P.A. 586, S. 2, …

Sec. 12-221a. Petition for alternative method of apportionment. Regulations. (a) If the method of apportionment prescribed in sections 12-218, 12-218a and 12-219a, as administered by the Commissioner of Revenue Services and applied to the business of any company, unfairly attribu…

Sec. 12-222. Annual return. Designated taxable member of combined group. Duties. (a) Each company subject to the tax imposed under this part shall render to the commissioner an annual return, signed by one of its principal officers, on forms prescribed or furnished by the commiss…

Sec. 12-223. Returns of affiliated corporations. Section 12-223 is repealed. (1949 Rev., S. 1904; P.A. 73-350, S. 26, 27.)

Sec. 12-223a. Combined corporation business tax return. (a) Subject to the provisions of subsection (e) of this section, any taxpayer included in a consolidated return with one or more other corporations for federal income tax purposes may elect to file a combined return under th…

Sec. 12-223b. Intercompany rents and business receipts. (a) Intercompany rents shall not be included in the computation of the value of property rented as a property factor in the apportionment fraction if the lessor and lessee are included in a combined return as provided in sec…

Sec. 12-223c. Minimum tax in combined return. Each corporation included in a combined return under section 12-223a shall pay the minimum tax of two hundred fifty dollars prescribed under section 12-219. No tax credit allowed against the tax imposed by this chapter shall reduce an…

Sec. 12-223d. Assessments against one or more taxpayers in combined return. In case a combined return is made as provided by section 12-223a, the Commissioner of Revenue Services may assess the entire tax computed on the basis of such return against any one or more of the taxpaye…

Sec. 12-223e. Readjustment of taxes on revision of combined return. If revision shall be made of a combined return under section 12-223a for the purpose of the tax of two or more corporations, or of an assessment based upon such a return, the Commissioner of Revenue Services shal…

Sec. 12-223f. Preference tax due from corporations filing a combined return. (a) Notwithstanding the provisions of sections 12-223a to 12-223e, inclusive, the tax due in relation to any corporations which have filed a combined return for any income year with other corporations fo…

Sec. 12-224. Return of fiduciary. Any fiduciary who conducts or is liquidating the business or is selling the assets of any company shall be subject to the filing of returns in accord with, and to the payment of taxes imposed by, this part in the same manner and to the same exten…

Sec. 12-225. Supplemental and amended returns. Refund claim. (a) Any company which, either intentionally or through error, fails to include in its return items of income or invested capital or which claims unlawful deductions therefrom shall make a supplemental return disclosing …

Sec. 12-226. Correction of returns; additional tax; refunds. (a)(1) Any company whose income, profits or earnings are changed, adjusted or corrected for any income year by any official of the United States government, or any agency thereof, in any respect affecting the tax impose…

Sec. 12-226a. Adjustments by the commissioner. Regulations. If it appears to the Commissioner of Revenue Services that any agreement, understanding or arrangement exists between the taxpayer and any other corporation or any person or firm, whereby the activity, business, income o…

Sec. 12-227. Interest on refunds. (a) To any refunds granted as a result of overpayment of any tax imposed under this chapter or chapter 209, there shall, except as otherwise provided in subsection (b) or (c) of this section, be added interest at the rate of two-thirds of one per…

Sec. 12-228. Refunds to be made from General Fund. Section 12-228 is repealed. (1949 Rev., S. 1908; 1959, P.A. 291, S. 1; P.A. 85-356, S. 8, 9.)

Sec. 12-229. Failure to pay tax or make return. Penalty. Waiver of penalty authorized. (a) If any company fails to pay the amount of tax reported to be due on its return within the time specified under the provisions of this part, there shall be imposed a penalty equal to ten per…

Sec. 12-230. Forfeiture of corporate rights for failure to make returns. Any corporation required to file a return with the commissioner by the provisions of this part which neglects to file the same for two consecutive fiscal years shall be construed to have forfeited its corpor…

Sec. 12-231. Penalties for wilful violation of requirements related to payment of tax or delivery of documentation. (a) Any person required under this part to pay any tax, or required under this part or by regulations adopted in accordance with the provisions of section 12-242 to…

Sec. 12-231a. Formation of insurance company affiliate of holding company to evade tax. If the commissioner finds in respect of an income year that an insurance company, other than a domestic insurance company, which is an affiliate of an insurance holding company system that inc…

Sec. 12-232. Authority to take testimony under oath; subpoenas. The commissioner and any agent of the commissioner authorized to conduct any inquiry, investigation or hearing hereunder may administer oaths and take testimony under oath relative to the matter of inquiry or investi…

Sec. 12-233. Examination of returns by commissioner. Deadlines for mailing deficiency assessments. Penalties for deficiencies. Payment by taxpayer. (a)(1) The commissioner shall examine the tax return filed under this chapter by a taxpayer and may make such further audit or inves…

Sec. 12-234. Settlement with Treasurer. All funds received by the Commissioner of Revenue Services under the provisions of this part shall be recorded with the Comptroller and shall be deposited daily with the State Treasurer. The commissioner shall issue his receipt to any taxpa…

Sec. 12-235. Delinquent taxes; interest; collection. To any taxes which are assessed under section 12-233, there shall be added interest at the rate of one per cent per month or fraction thereof from the date when the original tax became due and payable. The amount of any tax, pe…

Sec. 12-235a. Disallowance of credits if taxes due and unpaid. The Commissioner of Revenue Services may disallow any credit otherwise allowable for a taxable year against the tax imposed under this chapter if the company claiming the credit has any amount of taxes due and unpaid …

Sec. 12-236. Hearing by commissioner. Any taxpayer, aggrieved by the action of the commissioner or his authorized agent in fixing the amount of any tax, penalty or interest provided for by this part, may apply to the commissioner, in writing, within sixty days after the notice of…

Sec. 12-237. Appeal. Any taxpayer aggrieved because of any order, decision, determination or disallowance of the Commissioner of Revenue Services under the provisions of this part may, not later than thirty days after service upon the taxpayer of notice of such order, decision, d…

Sec. 12-238. Abatement of taxes. Section 12-238 is repealed, effective April 13, 1995. (1949 Rev., S. 1918; September, 1957, P.A. 13, S. 1; P.A. 77-614, S. 141, 610; P.A. 95-4, S. 7, 8.)

Sec. 12-239. Abatement of taxes on motor bus company in receivership. The Commissioner of Revenue Services, upon the advice of the Attorney General, may abate, in whole or in part, as the interest of the state requires, the taxes and interest thereon due the state from any motor …

Sec. 12-240. Publication and disclosure of information. The Commissioner of Revenue Services shall publish in his annual report data showing the amount of taxes upon net income, the amount of minimum taxes and the amount of penalties assessed under the provisions of this part, wi…

Sec. 12-241. Tax to be in lieu of other taxes. The taxes imposed by this part, and in the case of domestic insurance companies by chapter 207, shall be in lieu of all other taxes upon the intangible assets of any company, or upon the intangible assets of an employee's stock bonus…

Sec. 12-241a. Definition. As used in section 12-241, “Connecticut motor bus company” means any common carrier motor bus company, organized in this state and engaged in the business of carrying passengers for hire, to which a certificate has been issued under the provisions of sec…

Sec. 12-242. Regulations. The Commissioner of Revenue Services may prescribe regulations and make rulings, not inconsistent with law, to carry into effect the provisions of this part, which regulations or rulings, when reasonably designed to carry out the intent and purpose of th…

Secs. 12-242a to 12-242c. Definitions. When declaration of estimated tax required. Installment payment on estimated tax. Sections 12-242a to 12-242c, inclusive, are repealed, effective July 1, 1995, and applicable to estimated corporation business taxes for income years commencin…

Sec. 12-242d. Installment payment of estimated tax. Interest on underpayments. (a) For purposes of this section, there shall be four required installments for each income year. The due date for the first required installment is the fifteenth day of the third month of the income y…