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Does NY give you credit for taxes paid to other states?

You are entitled to claim this nonrefundable credit if: the pass-through entity tax was paid on income sourced to the other state, local government within another state, or the District of Columbia; and. the pass-through entity tax was paid on income included in your New York adjusted gross income; and.

What is the pet tax in CT?

Under current law, the PTET rate of 6.99% applies to either the standard base or the alternative base. The standard base equals: the pass-through entitys Connecticut source income (i.e., the pass-through entitys separately and nonseparately computed items under IRC Secs.

Does Connecticut have tax reciprocity with New York?

The 1988 Reciprocal Agreement Between the State of Connecticut and the State of New York providing for the Exchange of Tax Information and Cooperative Tax Administration (Reciprocal Agreement) is being terminated.

What is the sales tax in CT?

The sales tax rate of 6.35% applies to the retail sale, lease, or rental of most goods (including digital goods, which are described in Special Notice 2019(8), Sales and Use Taxes on Digital Goods and Canned or Prewritten Software) and taxable services.

What is the alternative base for CT PTE?

Post-legislation, all pass-through entities opting in for PTET must use the alternative base while maintaining the 6.99% tax rate. The alternative base calculation includes the sum of the modified Connecticut source income and the resident portion of unsourced income, excluding income passed through corporate members.

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