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Controlling Your Taxes Your State Tax Obligations Connecticut Taxes on Business Income in Connecticut Franchise Tax in Connecticut
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Domestic corporations must pay a franchise tax based on the number of shares issued at incorporation or subsequent increases at the time a certificate of amendment, consolidation or merger is filed with the Connecticut Secretary of State. The minimum franchise tax is $150.
There is also an income-based corporation business tax in Connecticut. The tax is imposed for the privilege of carrying on business in a corporate capacity in Connecticut. Entities taxed as a corporation must annually file Form CT-1120, Corporation Business Tax Return, and pay a minimum tax of $250.
In addition, both domestic and foreign corporations doing business in Connecticut must file an annual report with the Secretary of State, along with a filing fee ($75 for domestic stock corporations; $300 for foreign stock corporations).
Business entity tax. For taxable years beginning on or after January 1, 2004, a $250 business entity tax is imposed on any limited liability company, limited liability partnership, limited partnership, and S corporation required by law to file an annual report with the Connecticut Secretary of State.
The tax must be paid to the Department of Revenue Services by the 15th day of the fourth month following the close of the entity's taxable year. The tax should be paid with Form OP-424, Business Entity Tax Return
