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Connecticut enacts legislation amending mandatory combined reporting, adopting singles sales factor apportionment

Connecticut Gov. Dan Malloy on Dec. 29, 2015, signed a budget bill passed by the legislature during a recent special session that makes many tax law changes, including amendments to the mandatory unitary combined reporting statutes and adoption of a single sales factor apportionment formula. The legislation also amends the corporate income tax general credit limitations and the net operating loss provisions. In addition, the legislation enacts personal income tax sourcing provisions for nonresidents who perform services.
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