Connecticut lawmakers on June 3, 2015, approved a two-year, $40 billion budget (House Bill 7061) that includes tax changes affecting business taxpayers.
Lawmakers approved the budget just 30 minutes before the statutorily required end of the session.
Amid reports that certain Connecticut-headquartered companies may leave the state due to the budget’s tax increases, there are some who believe that a special legislative session may be forthcoming.
The provisions in the budget bill (pending the governor’s signature) include rules for mandatory unitary combined reporting (MUCR) effective retroactively to income years beginning on or after January 1, 2015.
Among the MUCR provisions are measures listed briefly below (refer to the KPMG report below for more details):
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