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Below is a snapshot of key features of Connecticut's tax system. (Scroll Down)
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State & Local Revenue (FY10)
- General Revenue, Own-Source (GROS): $26.2 billion
- General Revenue as a Share of Income: 13.5%
- Tax Revenue: $21.4 billion
- Tax Revenue as Share of income: 11.1%
- Personal Income Tax (Share of Tax Revenue): 26.9% (9 out of 51)
- Corporate Income Tax (Share of Tax Revenue): 2.4 % ( 33 out of 51)
- Sales & Excise Tax (Share of Tax Revenue): 25.1 % ( 43 out of 51)
- Property Tax (Share of Tax Revenue): 42.0 % ( 9 out of 51)
- Other Taxes (Share of Tax Revenue): 2.7 % (45 out of 51)
Personal Income Tax Features (2012)
- Range of Tax Rates: 3.0% - 6.7%
- Standard Deduction: None
- Personal Exemption: $13,000 ($24,000 for Married Couples) Max
- Dependent Exemption: None
- Earned Income Tax Credit (EITC): 25% Refundable
- Standard deduction phases out for high income levels
- Personal exemption is available as a credit
- Benefit of bottom 3% rate phases out for higher income levels and additional benefit recapture in place.
Corporate Income Tax Features (2012)
- Range of Tax Rates: 7.50%
- Income Level at Which Top Rate Applies: All
- Combined Reporting: No
- Apportionment Factor (Payroll): 0%
- Apportionment Factor (Property): 50%
- Apportionment Factor (Sales): 50%
- Apportionment Note: Some corporations can elect to use single weighted sales formula
Sales Tax Features (2012)
- State Sales Tax Rate: 6.35%
- Average Local Sales Tax Rate: N/A
- Average Combined State & Local Sales Tax Rate: 6.35%
- State Sales Tax Treatment of Groceries: Exempt
- Local Sales Tax Treatment of Groceries: N/A
- Number of Services Taxed: 79 out of 168 surveyed. In 2011, added an additional 12 services to the base.
- Streamlined Sales Tax Membership: No
- "Amazon law" in effect
- Sales tax holiday offered in 2012
Property Tax Features (2012)
- Does not provide a homestead exemption.
- Provides means-tested income tax credit to offset property taxes.
- Levies a car tax.
Other Tax & Revenue Features (2012)
- Gasoline Tax Rate (per gallon): $0.45
- Diesel Tax Rate (per gallon): $0.562
- Cigarette Tax Rate (per pack): $3.40
- Estate or Inheritance Tax: Yes
- Net Lottery Sales Per Capita: $263
Tax Policy Oversight
- Tax Expenditure Report: Yes
- Tax Incidence Analysis Capability: None
Last Updated October 4, 2012
Sources & Glossary
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