In his February 2016 State of the State address, Governor Malloy announced that his administration would be adopting a new approach to state budgeting in light of what he characterized as “the new economic reality” facing Connecticut and the nation. The Governor’s proposed changes to the biennial budget, including significant rescissions, funding reductions and state
Shipman & Goodwin attorneys Alan E. Lieberman and Louis B. Schatz authored the article “2015 Connecticut Tax Law Developments” which was published in Connecticut Bar Journal. Coming off what was a relatively quiet year in 2014, the year 2015 was a tumultuous year for Connecticut tax law changes. The changes enacted during 2015 will
2015 has been a tumultuous year for Connecticut taxpayers. It started with projections of large state budget deficits for the 2016 and 2017 fiscal years and the adoption of of the second largest tax increase in Connecticut history (only four years after the adoption of the largest such tax increase). By year end, executive branch
The recently concluded 2014 legislative session of the Connecticut General Assembly finished with the enactment of a flurry of budget and tax legislation that was significantly influenced by eroding state budget projections and the impending state elections.
In the face of a dramatic reduction in the projected budget surplus for the current fiscal year, from