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September 2018 » Connecticut Enacts New Tax on Pass-Through...
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Corey Rosenthal, JD, Cheryl Povilonis, JD, LLM, and Cynthia Galamgam, JD, LLM
On May 31, 2018, Connecticut Governor Dan Malloy signed Public Act 18-49, which established a new tax on pass-through entities (PE) doing business in Connecticut that is effective for 2018. Pass-through entities doing business in Connecticut are now subject to a 6.99% entity-level tax on all Connecticut-sourced income. Partners and shareholders in these entities are, however, entitled to a tax credit on their individual or corporate Connecticut tax returns for the taxes paid by the entity.
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