Connecticut adopted a $46.4 billion budget for the two-year period that commenced July 1, 2021, reflecting a 2.6% spending increase for the first year and a 3.9% spending increase for the second year. There is much to love and hate about the budget regardless of your political persuasion,
Lou Schatz presented the session “2021 Connecticut Tax Developments” at the 2021 Connecticut Tax Conference, hosted by the Connecticut Business & Industry Association (CBIA). The half-day program focused on the 2021 General Assembly session, including changes to federal tax law and how it impacts your tax return and your company’s bottom line and Connecticut tax
At long last, the Connecticut Revised Nonstock Corporation Act is being amended to permit remote meetings of a nonstock corporation’s members. Previously, only meetings of a board of directors or board of trustees could be held remotely. Meetings of members were required to be held in person.
The new legislation permitting remote meetings for members
In early March, Connecticut took a competitive step to encourage the investment in data centers and colocation facilities, an industry that has had substantial growth in recent years throughout the nation, especially as the data needs of every business have increased during the pandemic. Such investment can be an attractive alternative to revive properties whose
The focus of the nation in 2020, including the State of Connecticut, was first and foremost on addressing the worldwide pandemic and the resulting social and economic turmoil. From the state and local tax perspective, Connecticut, like the vast majority of states, extended deadlines for the filing of tax returns and the making of tax
The American Rescue Plan Act of 2021 (“ARPA”), which was signed into law last month by President Biden, brought about many changes as part of its $1.9 trillion legislation. One significant impact of the ARPA was the expansion of eligibility for tax credits to certain governmental employers that voluntarily provide qualifying paid sick and family
On March 11, 2021, President Biden signed into law the American Rescue Plan of 2021 (“ARPA”). This Alert will summarize the significant tax and employee benefit provisions that are contained in ARPA.
Recovery Rebates to Individuals
ARPA enacted new Internal Revenue Code (the “Code”) Section 6428B, which provides individuals with a $1,400 recovery rebate credit
Earlier this week the Internal Revenue Service (“IRS”) announced that the federal income tax filing due date for individuals for the 2020 tax year has been automatically extended from April 15, 2021 to May 17, 2021. The IRS further announced that taxpayers can also defer federal income tax payments due on April 15, 2021 to
On March 4, 2021, Governor Lamont signed H.B. 6516, An Act Mitigating Adverse Tax Consequences from Employees Working Remotely During COVID-19, and Concerning the Removal of Liens on the Property of Public Assistance Beneficiaries and a Three-Tired Grants in Lieu of Taxes Program.
This new law allows Connecticut residents to take credits for
Update: On March 1, 2021, H.B. 6516 passed the Senate by a 28 to 7 vote. The Governor has indicated that he intends to sign the bill. We will follow H.B. 6516 and related bills as they make their way through the legislative process and will update when more information is available.
Update: On February