DRS: Reporting State & Local Gov Bond Interest

 

Reporting State & Local Government Bond Interest


The Connecticut Department of Revenue Services (DRS) is requesting that financial institutions report interest and/or dividends from federally tax exempt securities such as: bonds, mutual funds, money market funds and unit investment trusts of $10 or more paid to your individual clients who have a Connecticut mailing address.

This submission is in addition to and is separate from the other Connecticut reporting requirements for CT-1099 forms.

The technical specifications for submission of this information is a modified version of the IRS guidelines found in Publication 1220 (Rev. 9-2017).  The modifications of this file layout and the allowable submission methods are detailed in DRS Form AU-408, Specifications for Submission of 2017 State and Local Government Tax Exempt Bond Interest Information.

This information must be submitted in an electronic format using an acceptable form of digital media.  Paper records and electronic images of paper records are not allowed.  Submit this data with a transmittal Form AU-409.

If your organization uses an outside vendor to fulfill your tax reporting obligations you must supply your vendor with this request and must specifically instruct them to make this submission on your behalf.

Send the data to:

Connecticut Department of Revenue Services (DRS)
Income Tax Audit Unit
Attention: Thomas Kaminski
450 Columbus Blvd., - Ste 1
Hartford CT 06103-1837

The due date for this submission is: January 31, 2018.

For all questions, contact Thomas Kaminski at (860) 541-4569 or by email at: Thomas.Kaminski@po.state.ct.us