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Connecticut enacts legislation shifting state to market-based sourcing

Connecticut Gov. Dannel Malloy signed legislation on June 2 that will shift the state to market-based sourcing under both the corporate and personal income tax systems. While the corporate income tax sourcing provisions apply to tax years beginning on or after Jan. 1, 2016, the personal income tax sourcing provisions will be delayed until the 2017 tax year. Additionally, the legislation moves the state to single sales factor apportionment under its personal income tax system. The legislation also creates two new sales and use tax exemptions, and revises the state’s angel investor credit.

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