Conn. Regulator Seeks Clarity On Foreign Hedge Fund Income

Law360, New York (March 14, 2014, 8:15 PM EDT) -- The head of Connecticut's tax authority told Law360 on Friday that a bill seeking to clarify the proper tax treatment of income derived from foreign hedge funds is part of a broader effort to bolster the regulator's ability to determine the correct tax allocation of multinational and multistate corporate income.

Department of Revenue Services Commissioner Kevin B. Sullivan is backing SB 369, which would make clear that offshore hedge fund income attributed to services performed in-state is considered Connecticut source income for tax purposes. Sullivan has...
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