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Connecticut budget revises net deferred tax liability deduction provisions

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On Oct. 31, Connecticut Gov. Dan Malloy signed budget legislation markedly extending the period over which the net deferred tax liability deduction under the state’s unitary combined reporting system may be claimed. Shortly after enactment of the budget, the governor signed a technical amendments bill, S.B. 1503, delaying the first year the deduction may be claimed from the 2018 income year to the 2021 income year.