The proposed bill, General Assembly Proposed Bill No. 58, aims to amend subsection (k) of section 12-218e of the general statutes by restoring the cap of two million five hundred thousand dollars on a combined group's tax liability calculated on a unitary basis. This cap was previously eliminated by public act 25-168.
The purpose of this legislation is to reinstate the financial limit on tax liabilities for combined groups, which could provide a more predictable tax environment for businesses operating under a unitary structure. By restoring this cap, the bill seeks to alleviate some of the tax burdens that may have arisen following the removal of the cap in the earlier public act.