Chapter 208. Corporation Business Tax  


PART I. IMPOSITION AND PAYMENT OF TAX
PART II. PAYMENT OF ESTIMATED TAX

Notations

*See Sec. 10-228b re tax credits for donations of computers to boards of education and public schools.

See Secs. 10-416, 10-416a re tax credits for rehabilitation of historic homes and certified historic structures.

Cited. 122 C. 148. Tax imposed by chapter is in nature of excise against domestic and foreign corporations alike for the privilege of doing business within state. Id., 547. Cited. 124 C. 405; 127 C. 508.

Annotations to former statutes relating to the taxation of banks, insurance companies and other corporations: Nature of tax; upheld as to nonresident stockholders. 70 C. 590; 73 C. 255; 185 U.S. 364. Deductions of value of real estate; assessed value is intended; includes 999 year lease. 72 C. 369; Id., 374. History of provision permitting deduction for real estate. 73 C. 289. “Capital” defined. 75 C. 280; 77 C. 45. Whether real estate represents capital investment question of fact; corporation book entries not conclusive. 74 C. 35. Real estate of national banking association not subject to direct tax; Id., 449; nor is bridge structure of bridge company. 77 C. 314. Nature of tax; value of nontaxable bonds owned by corporation not to be deducted. 89 C. 181. Stock in hands of testamentary trustee is still owned by estate, and state treasurer should remit tax collected thereon to town where deceased stockholder resided, not to town where trustee resides. 98 C. 471. “Other investment income” in statute levying tax on income of insurance companies does not include profit from the sale or maturity of ledger assets. 113 C. 14. Claim of state against trust company in receivership for tax on corporate stock is payable only from assets remaining after payment of creditors. Id., 661, 671.

Annotations to former tax on savings deposits: As to deduction of securities of the United States exempt from taxation, see 32 C. 173; 6 Wall. 594. Trust company liable for tax on franchise assessed before inception of receivership; previous temporary order of bank commissioner did not completely deprive it of benefits of franchise. 113 C. 661, 673. Tax is on franchise; after bank in hands of receiver, neither bank nor receiver liable for tax assessed after receiver's appointment. 115 C. 313, 326, 332. Appointment, before day tax laid, of temporary receiver is sufficient to remove liability for tax. Id., 364, 371. Exemption of funds invested in certain corporations continues when corporation consolidates. 116 C. 172–185. Deduction limited to taxes assessed upon real estate in name of bank during required period. 117 C. 188, 199. Bank failing through inadvertence to claim deduction for taxes not entitled to refund. Id., 196.

Annotations to former tax on miscellaneous corporations: Is tax on privilege of doing business in state, levied alike on foreign and domestic corporations; not income tax; constitutional. 94 C. 54; 97 C. 526, 528; 254 U.S. 113. Application to consolidated group of foreign corporations. 98 C. 192. Tax commissioner may obtain necessary information from corporations. Id., 197. Payment of tax to avoid penalties and lien held not to preclude recovery of illegal tax. 92 C. 204. Usual method of statutory appeal. Id., 206. Court may correct mathematical errors in computation. 70 C. 592. Is an excise upon franchise of corporations, both domestic and foreign, for privilege of doing business in the state. 135 C. 37. Cited. 142 C. 485.

Annotations to present corporation business tax:

Privilege of doing business in corporate capacity may properly be taxed by including in net income otherwise tax-exempt interest income. 178 C. 243. Cited. 195 C. 284; 202 C. 412; 203 C. 198; Id., 455; 220 C. 665; 224 C. 426;
228 C. 137; 232 C. 325; 235 C. 865.

Cited. 40 CS 77.