Connecticut Gov. Dannel Malloy has signed legislation amending the state’s personal income tax law to:
- Subject a nonresident’s income from nonqualified deferred compensation plans to taxation;
- Require nonresidents to pay tax on gains or losses from the sale or disposition of an interest in certain entities;
- Changes how a nonresident’s business income is apportioned to Connecticut, and
- Require a trust or estate to add any lump-sum distributions it receives during the tax year to Connecticut adjusted gross income.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.