Connecticut 2021 Regular Session

Connecticut Senate Bill SB01096 Compare Versions

Only one version of the bill is available at this time.

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6	6	LCO No. 6632 1 of 2
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8	8	General Assembly Raised Bill No. 1096
9	9	January Session, 2021
10	10	LCO No. 6632
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13	13	Referred to Committee on FINANCE, REVENUE AND
14	14	BONDING
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17	17	Introduced by:
18	18	(FIN)
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23	23	AN ACT AUTHORIZING THE EXCHANGE OF EXCES S CREDITS WITH
24	24	THE STATE AT A REDUCED RATE.
25	25	Be it enacted by the Senate and House of Representatives in General
26	26	Assembly convened:
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28	28	Section 1. (NEW) (Effective July 1, 2021) (a) Any corporation or 1
29	29	affected business entity, as defined in section 12-699 of the general 2
30	30	statutes, that has excess credits remaining for a taxable year that such 3
31	31	corporation or affected business entity is unable to apply against its own 4
32	32	state tax liability for such taxable year may apply to the Commissioner 5
33	33	of Revenue Services, in a form and manner prescribed by the 6
34	34	commissioner, to exchange such credits with the state for a credit refund 7
35	35	equal to ninety per cent of the value of the credit. Any such credit refund 8
36	36	shall not be subject to the provisions of section 12-227 of the general 9
37	37	statutes. The aggregate amount of credit refunds allowed in a fiscal year 10
38	38	under this section shall not exceed five hundred million dollars. 11
39	39	(b) The commissioner may disallow a credit refund otherwise 12
40	40	allowable under this section if the corporation or affected business 13
41	41	entity claiming the credit refund has any amount of taxes due and 14 Raised Bill No. 1096
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45	45	LCO No. 6632 2 of 2
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47	47	unpaid to the state including interest, penalties, fees and other charges 15
48	48	related thereto for which a period in excess of thirty days has elapsed 16
49	49	following the date on which such taxes were due and that are not the 17
50	50	subject of a timely filed administrative appeal to the commissioner 18
51	51	pending before any court of competent jurisdiction. Before any such 19
52	52	disallowance, the commissioner shall send written notice to the 20
53	53	corporation or affected business entity, stating that it may pay the 21
54	54	amount of such delinquent tax or enter into an agreement with the 22
55	55	commissioner for the payment thereof, by the date set forth in such 23
56	56	notice, provided such date shall not be less than thirty days after the 24
57	57	date of such notice. Failure on the part of the company to pay the 25
58	58	amount of the delinquent tax or enter into an agreement to pay the 26
59	59	amount thereof by such date shall result in a disallowance of the credit 27
60	60	refund being claimed.28
61	61	This act shall take effect as follows and shall amend the following
62	62	sections:
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64	64	Section 1 July 1, 2021 New section
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66	66	Statement of Purpose:
67	67	To authorize corporations and affected business entities to exchange
68	68	excess credits with the state at a reduced rate.
69	69	[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except
70	70	that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not
71	71	underlined.]
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