Connecticut General Statutes 12-7c – Report on the overall incidence of certain taxes
(a) The Commissioner of Revenue Services shall, on or before December 15, 2023, and biennially thereafter, submit to the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding, and post on the department’s Internet web site a report on the overall incidence of the income tax, sales and excise taxes, the corporation business tax and property tax, for each of the most recent ten tax years for which complete data are available. The report shall include incidence projections for each such tax and shall present information on the distribution of the tax burden as follows:
Terms Used In Connecticut General Statutes 12-7c
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(1) For individuals:
(A) Income classes, including income distribution expressed for (i) every ten percentage points, (ii) the top five per cent of all income taxpayers, and (iii) the top one per cent of all income taxpayers; and
(B) Other appropriate taxpayer characteristics, as determined by said commissioner.
(2) For businesses:
(A) Business size as established by gross receipts;
(B) Legal organization; and
(C) Industry by NAICS code.
(b) The Commissioner of Revenue Services may enter into a contract with any public or private entity for the purpose of preparing the report required pursuant to subsection (a) of this section.