« PreviousContinue »
The first Connecticut Corporation Net Income Tax Law was passed by the general assembly of 1915. That law became effective on August 1, 1915. The Connecticut General Assembly meets biennially. At each of the three sessions since 1915, changes have been made in the original income tax act. The general statutes were revised in 1918.
1918. This pamphlet shows the tax law appearing in this 1918 revision, except where certain sections have been amended by subsequent legislation. The amendments to Chapter 73 of the general statutes, revision of 1918, by the general assemblies of 1919 and 1921 appear directly after that chapter.
Chapter 267, Public Acts of 1919, took effect on May 21, 1919, and Chapter 382, Public Acts of 1921, became effective on July 1, 1921, with the exception of Section 7 of such Chapter, which took effect on June 24, 1921.
Particular attention is called to the provision of Chapter 382, Public Acts of 1921, levying a minimum tax of $20.00 upon all corporations; and also to the provision of that Act imposing a penalty of $5.00 in case of neglect to file the state return within the time prescribed by the statutes.
Revision of 1918.
1915, ch. 292
"Company" defined. Sec. 1391. The term "company" as used in this chapter shall include every corporation, joint stock company or association carrying on business in this state which is required to report to the collector of internal revenue for the district in which such company has its principal place of business for the purpose of the assessment, collection and payment of an income tax, except insurance and trust companies, state banks, savings banks organized under the laws of this state, banking institutions organized under the laws of the United States and located in this state, express companies carrying on business on steam or electric railroads or street railways, steam or electric railroad or street railway corporations, companies whose principal business in this state is furnishing, leasing or operating dining, sleeping, chair, parlor, refrigerator, oil, stock, fruit, or other cars, corporations whose principal business is manufacturing, selling and distributing illuminating or heating gas or electricity to be used for heat, light or motive power, or water for domestic or power purposes, telegraph, cable and telephone companies.
1915, ch. 292 1917, ch. 298.
Annual report to tax commissioner, what to contain.
Sec. 1392. Each such company, except as provided in section 1391, shall pay a tax annually to the state computed upon the net income for its fiscal or calendar year next preceding, as hereinafter provided, upon which income such company is required to pay a tax to the United States. Each company subject to the tax imposed under this chapter shall render to the tax commissioner, under oath or affirmation of its president, vice-president or other principal officer, and of its treasurer or assistant treasurer, on or before the first day of April of each year, unless the fiscal year of such company for which it made return to the collector of internal revenue ended between the thirty-first day of January and the first day of April, both inclusive, in which case such report shall be rendered by such company within sixty days after the date of the closing of its said fiscal year, a true copy of the last return made to the collector of internal revenue, of the annual net income arising or accruing from all sources in its fiscal or the calendar year next preceding, stating: The name and location of the principal place of business of such company, the state where organized and the date thereof; the kind of business transacted and a list of all subsidiary companies, if any, with the location of the principal place of business of each; the amount of its paid-up capital stock outstanding, or if no capital stock, its capital employed in business, at the close of the year; the total amount of its bonded and other indebtedness at the close of the year; the gross amount of its income, received during such year from all sources, and, if organized under the laws of a foreign country, the gross amount of its income received within the year from business transacted and capital invested within the United States; the amount of its ordinary necessary expenses paid out of earnings in the maintenance and operation of the business and properties of such company; and such other information as may be requested by the United States treasury department for the purpose of ascertaining the total amount of net income taxable under the United States income tax act; the net income of such company after making the deductions authorized; the amount of taxes paid upon its income to the internal revenue department for the year next preceding the one for which such return is made; in case of a company which carries on business outside the state, the fair cash value of its real estate and tangible personal property in each town in this state, and the fair cash value of its real estate and tangible personal property located outside this state; in case of a company deriving profits principally from the holding or sale of intangible property, the gross receipts from its business within and without this state and the gross receipts from its business within this state.