This form is a clause regarding additional rent element of an office lease providing for tax increases. The tax increases pertain to assessments and special assessments levied, assessed or imposed upon the building and/or the land under, including any land(s) dedicated to the use of, the building, by any governmental bodies or authorities.
Connecticut Tax Increase Clause
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Multi-State
Control #:
US-OL19033GA
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Specifically, the 3% rate on the first $10,000 earned by unmarried individuals and the first $20,000 by couples will decrease to 2%. The 5% rate on the next $40,000 earned by unmarried individuals and the next $80,000 earned by couples will decrease to 4.5%.
Corporation Business Tax: Extension of corporate surtax: Legislation extends the 10% corporation business surtax for three additional years to the 2023, 2024, and 2025 income years. The legislation is effective upon passage and is applicable to income years beginning on or after January 1, 2023.
All employers (new and existing) will see a 0.2% reduction in their calendar year 2023 tax rate: The state's new employer rate, originally 3.0% for 2023, is reduced to 2.8%. The fund solvency tax, originally 1.4% for 2023, is reduced to 1.2%.
To be eligible you must be a property owner or have life use. You or your spouse must have turned age 70 by December 31st, 2022. You are also eligible if you are over 62 and are the surviving spouse of someone who has qualified and was entitled to the credit at the time of their death.
Personal income tax rates. For taxable years beginning January 1, 2024, the bill lowers the 5.0% personal income tax rate to 4.5% and the 3.0% rate to 2.0%.
For estates of decedents dying during 2023, the Connecticut estate tax exemption amount is $12.92 million. Therefore, Connecticut estate tax is due from a decedent's estate if the Connecticut taxable estate is more than $12.92 million.
The following new state income tax rates become effective in Connecticut for the 2024 tax year. Eligible single filers will pay 2% on the first $10,000 of taxable income. Eligible single filers will pay 4.5% on the next $40,000 of taxable income. Eligible joint filers will pay 2% on the first $20,000 of taxable income.
Beginning in the 2024 tax year, IRAs, excluding Roth IRAs, will be subject to the same tax exemption income thresholds as general pension and annuity income. (See chart above for those exemption levels). And each year from 2024-2026, the state will increase the percent of IRA income that can qualify for an exemption.
