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Form 8288-B Bridgeport Connecticut: What You Should Know

This is intended to address the situation involving a resident investor's principal residence, which (although an interest, is exempt from tax on its value) because the investors lives elsewhere, such an investor is required to report and report as income to the Internal Revenue Service on the basis of the property not being the investor's principal residence. Connecticut — New London, CT Sep 1, 2023 — Form 8288-B is used to apply for a withholding certificate from IRS to reduce the amount of tax payable by a foreign investor with respect to the sale or exchange of an investment by the individual. New London, CT Sep 12, 2023 — THE CITY OF NEW LONDON IS ADVISED TO FILE SUCH FORM WITH THE BUREAU. EXEMPTION FROM TAX (W) From the beginning of each year and beginning July 1, 2022, through June 30, 2028, Connecticut tax law shall apply to any individual resident of New London who sells an investment interest of an individual or family and who, upon the sale or exchange of the investment interest, will be treated as resident of another jurisdiction. The income tax of Connecticut shall not apply to such gains, including gains to the extent described in this subsection, to the extent of the tax payable by that jurisdiction on the gain. This subsection shall not apply to the sale of a capital asset which shall not be a tangible or intangible interest, regardless of when acquired and regardless of whether such asset of any person is sold with any income. The following principles apply to gain or loss from the sale or exchange of a capital asset which is sold with an income for income-tax purposes: Any gain or loss realized upon the sale or exchange of a capital asset of a Connecticut resident which is sold during the taxable year and the subsequent year shall be deemed to have been an asset which has been held for use and occupancy during the same taxable year but which may not be deemed held for sale. An asset which does not result in the sale of an income-producing asset shall be treated as sold at the time of the sale and a change in the ownership is not treated as a sale. No gain or loss recognized as ordinary income or gain from the sale of an asset of a Connecticut resident during the taxable year or thereafter shall be subject to Connecticut tax, and no gain or loss recognized as other income or gain from the sale of an asset of a Connecticut resident shall be subject to Connecticut tax at the time of such sale.

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