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Sunday, June 27, 2010

SubChapter M Tax: From Deloitte's State Tax Matters

SubChapter M Tax: From Deloitte's State Tax Matters: "ncome/Franchise:
Connecticut: New law requires defined “captive REITs” to add back federal dividends paid deduction
H.B. 5494, signed by gov. 6/7/10. Effective July 1, 2010, and applicable to income years commencing on or after January 1, 2010, new law requires the addition of the federal dividends paid deduction by a defined captive real estate investment trust (REIT). Specifically, the new law requires captive REITs that file state corporation business tax returns to add back to their federal taxable income the amount of dividends deductible under Internal Revenue Code Sec. 857(b)(2) in determining their state net income."
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