Connecticut General Statutes 12-405j – Tax credit under this chapter for tax imposed on a resident estate by another state
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Any taxpayer with respect to a resident estate shall be allowed a credit against the tax otherwise due under this chapter for the amount of any income tax imposed on such estate for the taxable year by another state of the United States or a political subdivision thereof or the District of Columbia on income derived from sources therein and which is also subject to tax under this chapter. The credit provided under this section shall not exceed the proportion of the tax otherwise due under this chapter that the taxable income of such estate, derived from sources in the other taxing jurisdiction, bears to the taxable income of such estate derived from all sources.
Terms Used In Connecticut General Statutes 12-405j
- another: may extend and be applied to communities, companies, corporations, public or private, limited liability companies, societies and associations. See Connecticut General Statutes 1-1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Resident estate: means the estate of a decedent who at the time of death was domiciled in this state. See Connecticut General Statutes 12-405a
- Taxable income: means the taxable income of any estate for the taxable year, as determined for purposes of the federal income tax in accordance with Internal Revenue Form 1041, including in such determination the deduction from total income related to income distribution and each other deduction allowed in computing the federal income tax liability of such estate for the taxable year. See Connecticut General Statutes 12-405a
- Taxable year: means the calendar year upon the basis of which the taxpayer's taxable income is computed under this chapter unless a fiscal year other than the calendar year has been established for purposes of the federal income tax, in which case it means the fiscal year so established. See Connecticut General Statutes 12-405a
- Taxpayer: means the fiduciary of any resident estate or nonresident estate subject to tax under this chapter. See Connecticut General Statutes 12-405a