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The Connecticut legislature passed and sent on to Gov. Rowland (R) a bill intended to attract mutual funds and brokerages to the Nutmeg State. SB 513 Substitute permits corporations that provide services to regulated investment companies (RICs) to apportion their income tax base using the location of the RIC's shareholders rather than assigning income based on where the services are performed. Gov. Rowland is expected to sign the bill.
The legislation's effective date tax years beginning on or after January 1, 1996. *
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