Governor's Bill No. 1246 proposes extensive amendments to Connecticut's tax laws, particularly focusing on operating loss carry-overs, capital loss deductions, and tax credits for various businesses and healthcare professionals. The bill extends the carry-over period for operating losses from five years to twenty years for losses incurred between January 1, 2000, and January 1, 2025, and to thirty years for losses incurred on or after January 1, 2025. It also introduces new limitations on the deductibility of these losses based on net income and allows combined groups to relinquish unused operating losses under certain conditions. Additionally, the bill modifies the tax credit structure for eligible production companies, establishing a tiered credit system based on production expenses and repealing outdated references to specific tax credits.

Furthermore, the bill aims to streamline the licensing process for healthcare professionals by eliminating various fees associated with license issuance and renewal, while introducing new continuing education requirements. It allows for easier licensure for out-of-state professionals and removes application fees for several healthcare-related licenses. The bill also includes provisions for the taxation of hospitals, adjusting tax rates for outpatient services and establishing new reporting requirements. Overall, Governor's Bill No. 1246 seeks to modernize the state's tax and licensing frameworks, enhance compliance, and reduce financial barriers for businesses and healthcare providers.

Statutes affected:
Governor's Bill: 12-217ee, 3-20, 12-704c, 12-263q, 3-114c, 3-114m, 3-115b, 20-12j, 20-86c, 20-86g, 20-93, 20-94, 20-94a, 20-96, 20-97, 20-126i, 20-126k, 20-71, 20-74d, 20-74h, 20-195c, 20-195o, 20-195t, 20-333, 20-334a, 20-334e, 20-335