Understanding Pass-Through Entity Tax Changes
Lawmakers made comprehensive changes to the state’s pass-through entity tax during the 2023 Connecticut legislative session—changes that most small businesses need to understand before Jan. 1, 2024.
Implemented in 2019 to offset federal caps on state and local tax deductions, the pass-through entity tax will be elective—rather than mandatory—beginning January, one of a number of significant changes.
Additional changes include a new method for computing the tax base, elimination of the corporation tax credit, discontinuation of the option allowing the filing of a joint return with one or more commonly-owned entities, and re-establishing a mandate to submit a non-resident composite income tax return and pay the tax on behalf of any non-corporate non-resident member.
Whittlesey partner Brenden Healy, head of the firm’s tax services, reviewed the tax overhaul and addressed questions in this comprehensive, 60-minute webinar.
Wed, Oct 04, 2023
1:00pm – 2:00pm
Understanding Pass-Through Entity Tax Changes was made possible through the generous support of Whittlesey.
Stay Connected with CBIA News Digests
The latest news and information delivered directly to your inbox.