Sec. 12-30c. Penalty imposed on promoters of abusive tax shelters.
Sec. 12-30c. Penalty imposed on promoters of abusive tax shelters. A penalty
is hereby imposed on every person who engages in activities described in Section
6700(a) of the Internal Revenue Code of 1986, or any subsequent corresponding internal
revenue code of the United States, as from time to time amended, and who is subject
to the fifty per cent penalty imposed thereunder, whether or not such penalty has been
imposed, where such activities affect tax returns required to be filed with the Commissioner of Revenue Services. The amount of the penalty imposed hereunder shall be equal
to fifty per cent of the gross income derived from, or to be derived from, such activities
by such person.
(P.A. 05-116, S. 1.)
History: P.A. 05-116 effective June 24, 2005, and applicable to any open tax period.
See Secs. 12-233 and 12-728 for penalties on corporate and personal taxpayers for use of abusive tax shelters.