Bill Text: CT HB05188 | 2014 | General Assembly | Introduced

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Bill Title: An Act Concerning The Deductibility Of Premiums Paid On Out-of-state Bonds.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2014-02-18 - Referred to Joint Committee on Finance, Revenue and Bonding [HB05188 Detail]

Download: Connecticut-2014-HB05188-Introduced.html

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General Assembly		Proposed Bill No. 5188
February Session, 2014		LCO No. 955
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. FOX, 148th Dist. (By Request)

AN ACT CONCERNING THE DEDUCTIBILITY OF PREMIUMS PAID ON OUT-OF-STATE BONDS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That subparagraph (B)(ix) of subdivision (20) of subsection (a) of section 12-701 of the general statutes be amended to provide that the income tax deduction for premiums paid on out-of-state municipal bonds be available to all taxpayers, not just those who trade bonds as a trade or business.

Statement of Purpose:

To modify the current laws dealing with out-of-state municipal bonds. The deduction allows someone, who trades bonds as a business, when calculating Connecticut adjusted gross income, to subtract amortizable bond premiums for the taxable year on bonds whose interest is subject to taxation in this state, but exempt from federal tax, to the extent the premiums are not deductible in determining federal adjusted gross income.