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General Assembly Committee Bill No. 5600
January Session, 2019
LCO No. 7417
Referred to Committee on FINANCE, REVENUE AND
BONDING
Introduced by:
(FIN)
AN ACT CONCERNING A STUDY OF THE TAX IMPLICATIONS OF
ALLOWING BENEFIT LIM ITED LIABILITY COMPANIES UNDER
STATE LAW.
Be it enacted by the Senate and House of Representatives in General
Assembly convened:
Section 1. (Effective from passage) (a) The Commissioner of Revenue 1
Services shall study the potential tax implications of allowing 2
companies to organize as benefit limited liability companies under 3
state law. Such study shall evaluate (1) what other states have done 4
with regard to benefit limited liability companies, (2) whether and to 5
what extent such ability to organize may improve the state's tax 6
competitiveness, (3) whether and to what extent such ability to 7
organize may attract benefit corporations in surrounding states to this 8
state, and (4) the projected revenue gains and losses associated with 9
allowing companies to organize as benefit limited liability companies 10
in this state. 11
(b) Not later than February 1, 2020, the commissioner shall submit a 12
report, in accordance with the provisions of section 11-4a of the general 13
statutes, to the joint standing committees of the General Assembly 14 Committee Bill No. 5600
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having cognizance of matters relating to finance, revenue and bonding 15
and commerce. Such report shall summarize the results of the 16
evaluations conducted pursuant to subsection (a) of this section and 17
include any recommendations by or considerations from the 18
commissioner related to benefit limited liability companies. 19
This act shall take effect as follows and shall amend the following
sections:
Section 1 from passage New section
FIN Joint Favorable