DRS: 12-704(c)-1, Disallowance where credit is claimed against the income tax imposed by a qualifying jurisdiction for a taxpayer’s Connecticut tax liability - Amended Effective 1/1/03

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Amended effective 1/1/03  Old Version
 

Conn. Agencies Regs. § 12-704(c)-1.  Disallowance where credit is claimed against the income tax imposed by a qualifying jurisdiction for a taxpayer’s Connecticut tax liability.

(a) No credit for income tax paid to a qualifying jurisdiction shall be allowed if a taxpayer has claimed or shall claim a credit against the income tax imposed by such jurisdiction for the taxpayer's Connecticut tax liability on the same income.

(b) The following example illustrates the application of this section:

Example: Taxpayer H, a resident individual, has Connecticut adjusted gross income derived from or connected with sources within qualifying jurisdiction Z, and files an income tax return with that jurisdiction.  Under the laws of jurisdiction Z, credit is allowed against the income tax imposed by that jurisdiction, to persons who are nonresidents of jurisdiction Z, for income tax payable to another jurisdiction on the same income that is subject to the income tax imposed by jurisdiction Z.  If Taxpayer H, in filing his income tax return with jurisdiction Z, claims the credit allowed under the laws of that jurisdiction for income tax payable to Connecticut on the same income, Taxpayer H shall not be allowed a credit against Connecticut income tax for income tax paid to jurisdiction Z.

(c) While this section pertains to Section 12-704(c) of the general statutes, for purposes of supplementary interpretation, as the phrase is used in Section 12-2 of the general statutes, the adoption of this section is authorized by Section 12-740(a) of the general statutes.

(Formerly Reg. 12-704(d)-1; renumbered and amended effective July 3, 2003 and applicable to taxable years commencing on and after January 1, 2003.)