Taxes on Business Income in Connecticut

April 13, 2006

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The following are the types of income taxes that may affect small businesses. Our intent is to give you a general understanding of when the various taxes will apply to you and what they will mean to your business.

Franchise tax is required from most corporations doing business in Connecticut.
Income tax on business income computed at the rate of 7.5 percent of corporate taxable net income is required in Connecticut.
Personal income tax based on a person's income is up to 5 percent of taxable income in Connecticut.