During the recently concluded 2019 legislative session, the Connecticut General Assembly passed an amendment of Connecticut General Statutes § 12-391(e)(2)(B) that is of critical importance to nonresidents who own real or tangible personal property located in Connecticut.
Prior to this amendment, some nonresidents formed business entities and transferred ownership of their Connecticut real or tangible
On June 26, 2019, Governor Ned Lamont signed a $43.4 billion budget for the 2020 and 2021 fiscal years. The biennial budget addresses the projected $3.7 billion budget deficit for the period, but still increases spending by 1.7% in the 2020 fiscal year, and by 3.4% in the 2021 fiscal year. Although a letter dated
Shipman & Goodwin attorney Louis Schatz authored the article Connecticut’s Response to the Tax Cuts and Jobs Act of 2017(Part II) for the New York State Society of Certified Public Accountants online tax publication, Tax Stringer. An excerpt from the article is provided below.
This article is the second in a two-part series about
As part of his proposed budget presented to the General Assembly last week, Governor Lamont proposed the elimination of the Connecticut gift tax. Presently, and as noted in the Governor’s budget proposal, Connecticut is the only state with a gift tax. The Governor’s proposal would eliminate imposition of the gift tax but provide for a
While aspects of Connecticut’s income tax have received attention recently, somewhat lost in the conversation is the increase in the Connecticut estate and gift tax exemptions in 2019 and the planned increase in those exemptions over the next several years. Legislation passed during the 2018 session of the Connecticut General Assembly increased the exemption for
Before 2018 draws to a close, please join Marcum and Shipman & Goodwin for an in-depth look at how current tax developments and new provisions impact your tax planning for 2019 and beyond.
Shipman & Goodwin attorneys Louis Schatz, Danielle Ferrucci and David Bigger will join Marcum accountants and advisors as panelists. The discussion