Connecticut Governor Signs Law Containing Various Tax Provisions, Extends Corporate Income Tax NOL Carryover Period

The Connecticut Governor signed a law authorizing and adjusting state bonds and concerning provisions related to state and municipal tax administration, general government and school building projects. The law includes: 1) extending the period when corporations may carry forward a net operating loss (NOL) deduction from 20 to 30 years for NOLs incurred in income years starting on or after Jan. 1, 2025; 2) allowing municipalities to provide a partial property tax exemption for certain owner-occupied primary residences; and 3) restoring taxpayers’ ability to claim the historic homes rehabilitation tax credit against certain business taxes beginning in tax year 2024 ...