AN ACT CONCERNING THE TAXATION OF CORPORATIONS.


General Assembly		*Proposed Bill No. 5941*
*January Session, 2005*		LCO No. 2152

Referred to Committee on Finance, Revenue and Bonding
Introduced by:
REP. O'BRIEN, 24th Dist.

AN ACT CONCERNING THE TAXATION OF CORPORATIONS.

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

That the general statutes be amended to require corporations to pay taxes based on the larger of (1) their net income, as determined under current Connecticut law, or (2) the income they report to their investors in their filings with the Securities and Exchange Commission.

Statement of Purpose:

To require corporations to pay taxes based on the larger of (1) their net income, as determined under current state law, or (2) the income reported to their investors in their SEC filings.