Companies filing property tax returns in the state of Connecticut will see changes in form requirements for the November 1, 2011 return due date. The M-65 Manufacturing M&Exemption Claim and the Supplemental State Form for Manufacturing and Biotechnology have been replaced by the Grand List Manufacturing and Equipment Exemption Claim. Due to this change the state no longer includes schedule 15 nut rather assets should be reported in schedule 13. In regards to the reconciliation of fixed assets; when answering FRQ 33 &34 of the CT State Return, the taxpayer has 3 options for reporting cost. These options are: acquisition cost, depreciated value or blank. The final change is CIP is now taxable/reported: due to recent clarification of Connecticut General Statutes Chapter 203, Section 12-71.
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