Posts Tagged liability

State of CT property tax credit error

DRS has issued a press release that can change your 2015 tax liability or refund that you received. If you filed your CT income tax return before March 17, 2016 chances are you will receive a reduced refund or notice of additional tax due. DRS did not advise taxpayers, tax preparers or tax software companies of the phase down in the property tax credit enacted by the General Assembly in the 2015 legislative session.  If you already received your refund you can repay what you owe now or offset any refund next year. DRS will not impose penalties to the taxpayers affected. You do not need to amend your 2015 CT 1040.