Form Sn 2002(12) - 2002 Legislation Affecting The Connecticut Income Tax

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STATE OF CONNECTICUT
SN 2002(12)
DEPARTMENT OF REVENUE SERVICES
DEPARTMENT OF REVENUE SERVICES
DEPARTMENT OF REVENUE SERVICES
DEPARTMENT OF REVENUE SERVICES
25 Sigourney Street
Hartford CT 06106-5032
SPECIAL NOTICE
2002 Legislation Affecting the Connecticut Income Tax
Purpose: This Special Notice summarizes 2002
Increase in Property Tax Credit for Single Filers
legislation affecting the Connecticut income tax.
Delayed: The annual increase in the thresholds used to
determine the property tax credit for single filers, which
was scheduled to take place over an eight year period
Effective Date: Effective dates are noted below.
beginning with the 2000 taxable year, has been delayed
by two years. The thresholds used to determine the
Statutory Authority: 2002 Conn. Pub. Acts 1 (May
property tax credit in effect for the 2001 taxable year
9 Spec. Sess.) and 2002 Conn. Pub. Acts 4 (May 9
will remain in effect for the 2002 and 2003 taxable
Spec. Sess.).
years. The previously scheduled increases will resume
beginning with the 2004 taxable year.
Increase in Personal Exemption for Single
Filers Delayed: The annual increase to the personal
Conn. Gen. Stat. §12-704c, as amended by 2002 Conn.
exemption for single filers, which was scheduled to
Pub. Acts 1, §80 (May 9 Spec. Sess.), applicable to
take place over an eight year period beginning with the
taxable years beginning on or after January 1, 2002.
2000 taxable year, has been delayed by two years. The
personal exemption in effect for the 2001 taxable year
Bonus
Depreciation
Modification
for
will remain in effect for the 2002 and 2003 taxable
Individuals: The federal Job Creation and Worker
years. The previously scheduled increases will resume
Assistance Act of 2002 created a special 30% federal
beginning with the 2004 taxable year.
depreciation allowance for certain property acquired
after September 10, 2001, and before September 11,
Single filers are those individuals who are required to
2004, and, in general, placed in service before
file their federal and Connecticut income tax returns as
January 1, 2005. The provision (Internal Revenue Code
“single” individuals and not as married individuals
§168(k)) allows taxpayers to claim an additional first-
filing jointly or separately, heads of household, or
year bonus depreciation allowance on new Modified
qualifying widow(er)s.
Accelerated Cost Recovery System (MACRS) property
Conn. Gen. Stat. §12-702, as amended by 2002 Conn.
where the recovery period is 20 years or less. The
Pub. Acts 1, §78 (May 9 Spec. Sess.), applicable to
additional first-year bonus depreciation allowance is
taxable years beginning on or after January 1, 2002.
equal to 30% of the adjusted basis of the property (after
any Internal Revenue Code §179 expense deductions are
Increase in Personal Credit for Single Filers
taken). The regular MACRS depreciation deduction is
Delayed: The annual increase to the personal credit
calculated after reducing the adjusted basis of the new
for single filers, which was scheduled to take place
property by the additional first-year allowance.
over an eight year period beginning with the 2000
The Connecticut General Assembly enacted legislation
taxable year, has been delayed by two years. The
to “decouple” from the federal additional first-year
personal credit in effect for the 2001 taxable year will
bonus depreciation allowance for Connecticut income
remain in effect for the 2002 and 2003 taxable years.
tax purposes. Individuals who claim this additional
The previously scheduled increases will resume
first-year bonus depreciation on their federal income
beginning with the 2004 taxable year.
tax returns for taxable years beginning on or after
January 1, 2002 are required, in computing their
Conn. Gen. Stat. §12-703, as amended by 2002 Conn.
Connecticut adjusted gross income, to add to their
Pub. Acts 1, §79 (May 9 Spec. Sess.), applicable to
federal adjusted gross income the additional first-year
taxable years beginning on or after January 1, 2002.
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