Connecticut Seal

General Assembly

Amendment

 

January Session, 2013

LCO No. 8651

   
 

*HB0670408651SRO*

Offered by:

 

SEN. MCKINNEY, 28th Dist.

SEN. FASANO, 34th Dist.

SEN. BOUCHER, 26th Dist.

SEN. CHAPIN, 30th Dist.

SEN. FRANTZ, 36th Dist.

SEN. GUGLIELMO, 35th Dist.

SEN. KANE, 32nd Dist.

SEN. KELLY, 21st Dist.

SEN. KISSEL, 7th Dist.

SEN. LINARES, 33rd Dist.

SEN. MARKLEY, 16th Dist.

SEN. MCLACHLAN, 24th Dist.

SEN. WELCH, 31st Dist.

SEN. WITKOS, 8th Dist.

To: House Bill No. 6704

File No.

Cal. No. 692

(As Amended by House Amendment Schedule "A")

"AN ACT CONCERNING EXPENDITURES AND REVENUE FOR THE BIENNIUM ENDING JUNE 30, 2015. "

Strike section 83 in its entirety and insert the following in lieu thereof:

"Sec. 83. Section 12-704e of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage and applicable to taxable years commencing on or after January 1, 2013):

(a) Any resident of this state, as defined in subdivision (1) of subsection (a) of section 12-701, who is subject to the tax imposed under this chapter for any taxable year shall be allowed a credit against the tax otherwise due under this chapter in an amount equal to [thirty] ten per cent of the earned income credit claimed and allowed for the same taxable year under Section 32 of the Internal Revenue Code, as defined in subsection (a) of section 12-701.

(b) If the amount of the credit allowed pursuant to this section exceeds the taxpayer's liability for the tax imposed under this chapter, the Commissioner of Revenue Services shall treat such excess as an overpayment and, except as provided under section 12-739 or 12-742, shall refund the amount of such excess, without interest, to the taxpayer.

(c) If a married individual who is otherwise eligible for the credit allowed hereunder has filed a joint federal income tax return for the taxable year, but is required to file a separate return under this chapter for such taxable year, the credit for which such individual is eligible under this section shall be an amount equal to [thirty] ten per cent of the earned income credit claimed and allowed for such taxable year under said Section 32 of the Internal Revenue Code multiplied by a fraction, the numerator of which is such individual's federal adjusted gross income, as reported on such individual's separate return under this chapter, and the denominator of which is the federal adjusted gross income, as reported on the joint federal income tax return.

(d) To the extent permitted under federal law, any state or federal earned income tax credit shall not be counted as income when received by an individual who is an applicant for, or recipient of, benefits or services under any state or federal program that provides such benefits or services based on need, nor shall any such earned income tax credit be counted as resources, for the purpose of determining the individual's or any other individual's eligibility for such benefits or services, or the amount of such benefits or services. "

After the last section, add the following and renumber sections and internal references accordingly:

"Sec. 501. Subdivision (1) of subsection (b) of section 12-587 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):

(b) (1) Except as otherwise provided in subdivision (2) of this subsection, any company which is engaged in the refining or distribution, or both, of petroleum products and which distributes such products in this state shall pay a quarterly tax on its gross earnings derived from the first sale of petroleum products within this state. Each company shall on or before the last day of the month next succeeding each quarterly period render to the commissioner a return on forms prescribed or furnished by the commissioner and signed by the person performing the duties of treasurer or an authorized agent or officer, including the amount of gross earnings derived from the first sale of petroleum products within this state for the quarterly period and such other facts as the commissioner may require for the purpose of making any computation required by this chapter. Except as otherwise provided in subdivision (3) of this subsection, the rate of tax shall be (A) five per cent with respect to calendar quarters prior to July 1, 2005; (B) five and eight-tenths per cent with respect to calendar quarters commencing on or after July 1, 2005, and prior to July 1, 2006; (C) six and three-tenths per cent with respect to calendar quarters commencing on or after July 1, 2006, and prior to July 1, 2007; and (D) seven per cent with respect to calendar quarters commencing on or after July 1, 2007. [, and prior to July 1, 2013; and (E) eight and one-tenth per cent with respect to calendar quarters commencing on or after July 1, 2013. ]

Sec. 502. Subdivision (1) of subsection (c) of section 12-587 of the general statutes is repealed and the following is substituted in lieu thereof (Effective from passage):

(c) (1) Any company which imports or causes to be imported into this state petroleum products for sale, use or consumption in this state, other than a company subject to and having paid the tax on such company's gross earnings from first sales of petroleum products within this state, which earnings include gross earnings attributable to such imported or caused to be imported petroleum products, in accordance with subsection (b) of this section, shall pay a quarterly tax on the consideration given or contracted to be given for such petroleum product if the consideration given or contracted to be given for all such deliveries during the quarterly period for which such tax is to be paid exceeds three thousand dollars. Except as otherwise provided in subdivision (3) of this subsection, the rate of tax shall be (A) five per cent with respect to calendar quarters commencing prior to July 1, 2005; (B) five and eight-tenths per cent with respect to calendar quarters commencing on or after July 1, 2005, and prior to July 1, 2006; (C) six and three-tenths per cent with respect to calendar quarters commencing on or after July 1, 2006, and prior to July 1, 2007; and (D) seven per cent with respect to calendar quarters commencing on or after July 1, 2007. [, and prior to July 1, 2013; and (E) eight and one-tenth per cent with respect to calendar quarters commencing on or after July 1, 2013. ] Fuel in the fuel supply tanks of a motor vehicle, which fuel tanks are directly connected to the engine, shall not be considered a delivery for the purposes of this subsection. "

This act shall take effect as follows and shall amend the following sections:

Sec. 83

from passage and applicable to taxable years commencing on or after January 1, 2013

12-704e

Sec. 501

from passage

12-587(b)(1)

Sec. 502

from passage

12-587(c)(1)