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Connecticut enacts sweeping tax reform including mandatory unitary reporting requirement

Connecticut Gov. Dan Malloy on June 30 signed two bills enacting budget legislation that includes mandatory unitary combined reporting for tax years beginning on or after Jan. 1, 2016. Other corporate income tax changes limit the use of taxpayers’ net operating loss attributes and extend the corporate income tax surcharge. The bills also make significant changes to the personal income tax for tax years beginning on or after Jan. 1, 2015, and to sales and use tax provisions that become effective on various dates.

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