Bill > HB05968

This bill proposes to change existing tax law by making world-wide combined reporting mandatory for corporate tax liability. World-wide combined reporting is a tax method where a multinational corporation must report the total income of all its subsidiaries and branches worldwide when calculating its corporate tax liability, instead of just reporting income from operations within a specific jurisdiction. Previously, this reporting method was optional, but the bill would now require corporations to use this comprehensive reporting approach where applicable. By mandating world-wide combined reporting, the state aims to potentially increase tax transparency and ensure that corporations are accounting for their entire global income when determining their tax obligations. The change would impact how multinational corporations calculate and pay their corporate taxes in the state, potentially affecting their tax liabilities and financial reporting processes.

Budget and Finance

https://www.cga.ct.gov/asp/cgabillstatus/cgabillstatus.asp?selBillType=Bill&bill_num=HB05968&which_year=2025