AN ACT ESTABLISHING A CAPITAL GAINS SURCHARGE AND REQUIRING WORLD-WIDE COMBINED REPORTING FOR CORPORATE TAX LIABILITY PURPOSES.

SB 922 would impose a surcharge on capital gains for Connecticut residents with income meeting the threshold for the state's highest tax rate (as defined in section 12-700 of the general statutes). It also requires corporations to file worldwide combined tax returns for all their global operations, changing this from an optional to a mandatory requirement. The bill directly affects high-income earners and large multi-state corporations. Key provisions are the new capital gains surcharge for top earners and mandatory global tax reporting for corporate entities.