(a) There is established a Business Tax Credit and Tax Policy Review Committee which shall be comprised of the following members: (1) The chairpersons and ranking members of the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding, or their designees; (2) one member appointed by each of the following: The Governor, the president pro tempore of the Senate, the speaker of the House of Representatives, the majority leader of the Senate, the majority leader of the House of Representatives, the minority leader of the House of Representatives and the minority leader of the Senate; and (3) the Commissioners of Revenue Services and Economic and Community Development and the Labor Commissioner, or their designees.
(b) All appointments to the committee shall be made no later than August 15, 2005. Any vacancy shall be filled by the appointing authority.
(c) The chairpersons of the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding shall be the chairpersons of the Business Tax Credit and Tax Policy Review Committee. The Business Tax Credit and Tax Policy Review Committee shall meet not less than twice a year, and at such other times as the chairpersons deem necessary.
(d) The committee shall study and evaluate all the existing credits against the corporation business tax, evaluate changes or modifications made to such tax, and consider further changes in policy regarding the taxation of businesses. The study shall include, but is not limited to, consideration of the following with respect to each credit or policy: (1) Has the credit or policy provided a benefit to the state in terms of (A) measurable economic development, (B) new investments in the state, (C) new jobs or retention of existing jobs, or measurable benefits for the workforce in the state; (2) is there sufficient justification to continue the credit or policy as it currently exists or is it obsolete; (3) could the credit or policy be more efficiently administered as part of a broad-based credit or policy; and (4) does the credit or policy add unnecessary complexity in the application, administration and approval process for the corporation business tax. The committee shall also engage in an analysis of the history, rationale and estimated revenue loss as a result of each tax credit or policy change, and shall recommend revisions necessary to change the tax by eliminating or changing any redundant, obsolete or unnecessary tax credit or any credit or tax policy that is not providing a measurable benefit sufficient to justify any revenue loss to the state.
(e) Upon the request of the chairs of the committee, the Commissioner of Revenue Services shall provide information to the committee concerning (1) exemptions or credits against the corporation business tax, (2) the implementation and operation of legislative changes in tax policy, and (3) other tax-related issues. Such information shall not include the names or addresses of any taxpayers, but may include, for each recipient of a tax credit, or business implementing a change in tax policy, a description of the business activities, the amount of income apportioned to this state and the taxes paid on such income, the exemption or credit taken and the amount of such exemption or credit, and such other information as may be available to the Department of Revenue Services and relevant to the committee's area of inquiry.
(f) The Business Tax Credit and Tax Policy Review Committee shall report its findings and recommendations to the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding no later than January 1, 2006, and annually thereafter, in accordance with section 11-4a.
(P.A. 97-295, S. 4, 25; P.A. 98-262, S. 14, 22; P.A. 05-251, S. 64.)
History: P.A. 97-295, Sec. 4 effective July 8, 1997, and applicable to income years commencing on or after January 1, 1998; P.A. 98-262 revised effective date of P.A. 97-295, but without affecting this section; P.A. 05-251 changed name from Corporation Business Tax Credit Review Committee to Business Tax Credit and Tax Policy Review Committee, amended Subsec. (a) by adding Labor Commissioner, inserted new Subsecs. (b) and (c) re chairpersons and meeting times, redesignated existing Subsec. (b) as Subsec. (d) and amended same to add consideration of tax policy to committee duties, added Subsec. (e) re information from Commissioner of Revenue Services, redesignated existing Subsec. (c) as Subsec. (f) and amended same to require annual reports from the committee, and made conforming changes throughout, effective July 1, 2005.
Structure Connecticut General Statutes
Chapter 208 - Corporation Business Tax
Section 12-213. - Definitions.
Section 12-214. - Imposition of tax. Surcharge.
Section 12-216. - Payment of tax by out-of-state corporations.
Section 12-217aa. - Order of credits.
Section 12-217aaa. - Accumulated research and development tax credits.
Section 12-217bb. - Tax credit for electric suppliers hiring displaced workers.
Section 12-217dd. - Tax credit for donation of land for open space or educational use.
Section 12-217ee. - Refund of unused credits under sections 12-217j and 12-217n.
Section 12-217gg. - Tax credit for employment expansion project.
Section 12-217hh. - Tax credit for hiring displaced worker.
Section 12-217j. - Tax credit for research and experimental expenditures.
Section 12-217jj. - Film production tax credit. Regulations.
Section 12-217k. - Tax credit for employee training.
Section 12-217ll. - Tax credit for digital animation production companies. Regulations.
Section 12-217m. - Tax credit for taxpayers occupying new facilities and creating new jobs.
Section 12-217n. - Rolling tax credit for research and development expenses. Carryforward limit.
Section 12-217o. - Tax credit for machinery and equipment expenditures.
Section 12-217p. - Tax credits for taxpayer providing housing for low and moderate income employees.
Section 12-217qq. - Tax credit for employers making certain student loan payments.
Section 12-217s. - Tax credit for expenditures related to traffic reduction programs.
Section 12-217v. - Tax credit for qualifying corporations in enterprise zones.
Section 12-217w. - Tax credit for investment in fixed capital.
Section 12-217x. - Tax credit for human capital investment.
Section 12-217z. - Business Tax Credit and Tax Policy Review Committee.
Section 12-217zz. - Limit on credits under this chapter.
Section 12-218. - Apportionment of net income.
Section 12-218a. - Apportionment of tax on insurance company.
Section 12-218b. - Apportionment of net income of financial service companies.
Section 12-218g. - Net deferred tax liability and assets. Deductions.
Section 12-219. - Capital base tax. Phase-out. Surcharge.
Section 12-219a. - Apportionment of tax base in and out of state. Insurance companies excepted.
Section 12-219b. - Election with respect to apportionment of net income.
Section 12-221a. - Petition for alternative method of apportionment. Regulations.
Section 12-222. - Annual return. Designated taxable member of combined group. Duties.
Section 12-223. - Returns of affiliated corporations.
Section 12-223a. - Combined corporation business tax return.
Section 12-223b. - Intercompany rents and business receipts.
Section 12-223c. - Minimum tax in combined return.
Section 12-223d. - Assessments against one or more taxpayers in combined return.
Section 12-223e. - Readjustment of taxes on revision of combined return.
Section 12-223f. - Preference tax due from corporations filing a combined return.
Section 12-224. - Return of fiduciary.
Section 12-225. - Supplemental and amended returns. Refund claim.
Section 12-226. - Correction of returns; additional tax; refunds.
Section 12-226a. - Adjustments by the commissioner. Regulations.
Section 12-227. - Interest on refunds.
Section 12-228. - Refunds to be made from General Fund.
Section 12-229. - Failure to pay tax or make return. Penalty. Waiver of penalty authorized.
Section 12-230. - Forfeiture of corporate rights for failure to make returns.
Section 12-231a. - Formation of insurance company affiliate of holding company to evade tax.
Section 12-232. - Authority to take testimony under oath; subpoenas.
Section 12-234. - Settlement with Treasurer.
Section 12-235. - Delinquent taxes; interest; collection.
Section 12-235a. - Disallowance of credits if taxes due and unpaid.
Section 12-236. - Hearing by commissioner.
Section 12-238. - Abatement of taxes.
Section 12-239. - Abatement of taxes on motor bus company in receivership.
Section 12-240. - Publication and disclosure of information.
Section 12-241. - Tax to be in lieu of other taxes.
Section 12-241a. - Definition.
Section 12-242. - Regulations.
Section 12-242d. - Installment payment of estimated tax. Interest on under payments.
Section 12-242e. - Disposition of installments.
Section 12-242f. - Obligations of fiduciary.
Section 12-242g. - Overpayments.