Title 12, Title 12: Taxation

Sec. 12-506c. Exemptions. For each individual resident required to pay the tax imposed under the provisions of subsection (a) of section 12-506, there shall be allowed with respect to net gains from the sale or exchange of capital assets an exemption of one hundred dollars provid…

Sec. 12-506d. Credit for tax paid in another state on gain from sale of certain property. A credit against the tax imposed under subsection (a) of section 12-506 shall be allowed for a tax paid to another state with respect to any gain from the sale or exchange of real property l…

Sec. 12-506e. Effective dates of sections 12-505 to 12-508, inclusive. Section 12-506e is repealed. (P.A. 73-356, S. 10; P.A. 74-240, S. 1, 2; P.A 80-307, S. 30, 31.)

Sec. 12-506f. Exemption of capital gain from sale of residence by persons sixty-five years of age or over. Every husband and wife, and each other person, described as a taxpayer in section 12-505 shall, in addition to the exemptions allowed under the provisions of section 12-506c…

Sec. 12-506g. Exemption for gains subject to tax as income of a Subchapter S corporation. Any shareholder in a small business corporation, as defined in Section 1371 of the Internal Revenue Code, which corporation has made an election not to be subject to tax as a corporation und…

Sec. 12-506h. Deduction allowed in determining tax on interest income when taxpayer is shareholder in an electing small business corporation subject to tax on such interest. Any shareholder in an electing small business corporation, as that term is defined in Section 1371 of the …

Sec. 12-507. Duties of fiduciary. Any guardian, receiver, referee, trustee, assignee, custodian or other fiduciary, or any officer or agent appointed by any court to conduct the business or conserve the assets of any taxpayer, shall be subject to the tax imposed by this chapter i…

Sec. 12-508. Tax return. On or before April fifteenth following the close of each calendar year, in the case of persons reporting on the basis of a calendar year, and on or before the fifteenth day of the fourth month following the close of a fiscal year, in the case of persons r…

Sec. 12-508a. Extension of time for tax return and payment to April 16, 1974. Section 12-508a is repealed. (P.A. 74-63, S. 4, 5; P.A. 80-307, S. 30, 31.)

Sec. 12-509. Penalty for failure to pay tax when due. Rate of interest applied. Waiver of penalty. (a) If any person fails to pay the amount of tax reported to be due on his return within the time specified under the provisions of this chapter, there shall be imposed a penalty eq…

Sec. 12-510. Powers and duties of commissioner. (a) The commissioner or his authorized representative may require any taxpayer or other person required to file under this chapter to submit copies or pertinent extracts of his federal income tax returns, or of any other tax return …

Sec. 12-511. Deficiency assessments. (a) After a final return in due form is filed, the commissioner shall cause the same to be examined and may make such further audit or investigation or reaudit as he may deem necessary, and if therefrom he shall determine that there is a defic…

Sec. 12-511a. Disclosure by taxpayer of relevant changes in federal taxable income. Any individual whose taxable income for federal income tax purposes is adjusted or corrected for any taxable year or portion thereof by any official of the United States government, or any agency …

Sec. 12-512. Collection of tax, penalties and interest. The amount of any tax, penalty or interest due and unpaid under the provisions of this chapter may be collected under the provisions of section 12-35. The warrant therein provided for shall be signed by the commissioner or h…

Sec. 12-513. Abatement of tax. Section 12-513 is repealed. (June, 1969, P.A. 1, S. 34; P.A. 77-614, S. 147, 610; P.A. 90-28, S. 9.)

Sec. 12-514. Excess payments. If, within three years after the due date of any return, the commissioner determines that any amount, penalty or interest has been paid more than once or has been erroneously or illegally collected or computed, the commissioner shall credit the exces…

Sec. 12-515. Refund claims. Any taxpayer who feels that he has overpaid any taxes due under this chapter may file a claim for refund in writing with the commissioner within three years from the due date for which such overpayment was made stating the specific grounds upon which t…

Sec. 12-516. Forms. The commissioner shall design a form of return and forms for such additional statements or schedules as he may require to be filed therewith. Such forms shall provide for the setting forth of such facts as the commissioner may deem necessary for the proper enf…

Sec. 12-517. Extension of time for filing return and paying tax. The commissioner may for reasonable cause extend the time for the filing of any return due under this chapter and the payment of tax due thereon under such rules and regulations as he shall prescribe. Said commissio…

Sec. 12-517a. Declarations of estimated tax and payment related to dividends, interest income and capital gains. (a)(1) Any taxpayer subject to the tax imposed on dividends and interest income under this chapter with respect to any taxable year shall submit a declaration of estim…

Sec. 12-517b. Installment payment on account of estimated tax. Amount and when payable. Section 12-517b is repealed effective March 23, 1989, and applicable to income years commencing on or after January 1, 1989. (Nov. Sp. Sess. P.A. 81-4, S. 21, 32; P.A. 82-325, S. 3, 7; P.A. 89…

Sec. 12-517c. Interest added when estimated payment on dividends, interest income or capital gains is less than minimum required. (a) In addition to the tax imposed on dividends, interest income and gains from the sale or exchange of capital assets under this chapter with respect…

Sec. 12-518. Enforcement. Regulations. The commissioner shall enforce the provisions of this chapter and may adopt and enforce rules and regulations relating to the administration and enforcement of this chapter. The commissioner may prescribe the extent to which any ruling or re…

Sec. 12-519. Penalties for wilful failure to comply with requirements of this chapter. (a) Any person required under this chapter to pay any tax, or required under this chapter or by regulations adopted in accordance with the provisions of section 12-518 to make a return, keep an…

Sec. 12-520. Report by Commissioner of Revenue Services. Confidential information. The Commissioner of Revenue Services shall publish in his annual report data showing the amount of taxes collected under this chapter, the amount of penalties assessed under the provisions of this …

Sec. 12-521. Appeal to commissioner. Any person, 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 chapter may apply to the commissioner, in writing, within sixty days after notice of such…

Sec. 12-522. Appeal from commissioner. Notwithstanding the provisions of chapter 54 to the contrary, any person aggrieved because of any order, decision, determination or disallowance of the Commissioner of Revenue Services under the provisions of this chapter may, within one mon…

Sec. 12-522a. Applicability of chapter provisions limited. The provisions of this chapter shall not be applicable with respect to any dividends, interest income or gains from the sale or exchange of capital assets which are earned, received in fact or constructively, accrued or c…