Sec. 12-219b. Election with respect to apportionment of net income.
Sec. 12-219b. Election with respect to apportionment of net income. (a) With
respect to the taxation under this chapter in income years commencing on or after January
1, 1996, of a company's distributive share as a partner of partnership income or loss in
all partnerships in which it is or may become a partner, a company may, on or before
the due date, or, if applicable, the extended due date, of its corporation business tax
return for its income year beginning during 1996, make an election, on its corporation
business tax return for such income year, not to have the provisions of subsection (e)
of section 12-218 and subsection (b) of section 12-219a apply. Except as otherwise
provided by subsection (b) of this section, the election shall be irrevocable.
(b) If a company makes the election as provided in subsection (a) of this section,
such company may revoke such election, on its corporation business tax return and such
revocation shall not be effective for any income year beginning before January 1, 2001.
The revocation, if any, of such election shall be irrevocable.
(P.A. 96-197, S. 8, 11.)
History: P.A. 96-197 effective June 3, 1996, and applicable to income years commencing on or after January 1, 1996.