General Assembly Raised Bill No. 335
February Session, 2016 LCO No. 2382
*02382_______FIN*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)
General Assembly
Raised Bill No. 335
February Session, 2016
LCO No. 2382
*02382_______FIN*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)
AN ACT CONCERNING DOUBLE TAXATION OF BUSINESS-TO-BUSINESS TRANSACTIONS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 12-412 of the 2016 supplement to the general statutes, as amended by section 196 of public act 14-217, is amended by adding subdivision (122) as follows (Effective October 1, 2016, and applicable to sales occurring on or after said date):
(NEW) (122) Sales of, and the storage, use or other consumption of, any products purchased by a business at wholesale prices which products are then resold to a consumer or otherwise included in a taxable consumer good.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2016, and applicable to sales occurring on or after said date 12-412
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2016, and applicable to sales occurring on or after said date
12-412
Statement of Purpose:
To eliminate the sales and use tax on goods used exclusively in a business process.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]