Department of Revenue Services | 12-242d-1 to 12-242d-2 - Corporation Business Tax

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Regulations of Connecticut State Agencies TITLE 12. Taxation

Agency Department of Revenue Services

Subject Corporation Business Tax

Inclusive Sections §§ 12-242d-1—12-242d-2

CONTENTS

Sec. 12-242d-1. Estimated payments for short years Sec. 12-242d-2. Repealed

Revised: 2015-3-6 R.C.S.A. §§ 12-242d-1—12-242d-2 - I -

Regulations of Connecticut State Agencies TITLE 12. Taxation

Department of Revenue Services §12-242d-1

Corporation Business Tax

Sec. 12-242d-1. Estimated payments for short years (a) Definitions. In this section: (1) “Companies” means companies subject to tax under chapter 208 of the Connecticut

General Statutes; (2) “Required annual payment” means the required annual payment, as defined in section

12-242d(e) of the Connecticut General Statutes; and (3) “Short income year” means an income year of less than 12 months. (b) General. Under section 12-424d of the Connecticut General Statutes, certain

companies are required to make estimated corporation business tax payments. Subsection (g) of section 12-242d of the Connecticut General Statutes requires the department to adopt regulations applying the estimated tax payment requirements to companies with short income years in accordance with those regulations. This section applies the estimated tax payment requirements to companies with short income years.

(c) How many instalments are required? Use the chart below to determine how many instalments a company is required to make. In determining how many instalments are required, treat a portion of a month as a full month.

FOR THE NUMBER WHICH ARE THE PERCENTAGE OF SHORT OF ESTIMATED DUE ON OR BE- THE REQUIRED ANNUAL

INCOME TAX INSTAL- FORE THE 15TH PAYMENT DUE WITH YEARS MENTS TO BE DAY OF THE: EACH INSTALMENT IS:

OF: MADE IS: 1 MONTH 0 — — OR LESS

2 TO 3 1 LAST MONTH OF 100% OF THE REQUIRED MONTHS THE SHORT IN- ANNUAL PAYMENT.

COME YEAR. 4 TO 6 2 3RD AND LAST 30% OF THE REQUIRED

MONTHS MONTHS OF THE ANNUAL PAYMENT FOR SHORT INCOME THE FIRST INSTALMENT,

YEAR. AND 70% OF THE REQUIRED ANNUAL PAYMENT FOR THE SECOND INSTAL- MENT.

7 TO 9 3 3RD, 6TH AND 30% OF THE REQUIRED MONTHS LAST MONTHS ANNUAL PAYMENT FOR

OF THE SHORT THE FIRST INSTALMENT;

Revised: 2015-3-6 R.C.S.A. §§ 12-242d-1—12-242d-2 - 1 -

Regulations of Connecticut State Agencies TITLE 12. Taxation

§12-242d-2 Department of Revenue Services

INCOME YEAR. 40% OF THE REQUIRED ANNUAL PAYMENT FOR THE SECOND INSTAL- MENT; AND 30% OF THE REQUIRED ANNUAL PAYMENT FOR THE THIRD INSTALMENT.

10 TO 11 4 3RD, 6TH, 9TH 30% OF THE REQUIRED MONTHS ANDLAST ANNUAL PAYMENT FOR

MONTHS OF THE THE FIRST INSTALMENT; SHORT INCOME 40% OF THE REQUIRED

YEAR. ANNUAL PAYMENT FOR THE SECOND INSTAL- MENT; 10% OF THE REQUIRED ANNUAL PAYMENT FOR THE THIRD INSTALMENT; AND 20% OF THE REQUIRED ANNUAL PAYMENT FOR THE FOURTH INSTAL- MENT.

Authority for regulation. The regulation proposed in Section 6 is required by Conn. Gen. Stat. § 12-242d(g). It is numbered to correspond to the statute it interprets, in accordance with the Department’s authority under Conn. Gen. Stat. § 12-2(a)(2)(B). (Effective December 19, 1984; Amended August 3, 2001)

Sec. 12-242d-2. Repealed Repealed August 3, 2001.

R.C.S.A. §§ 12-242d-1—12-242d-2 Revised: 2015-3-6 - 2 -