As is commonly known, one of the significant provisions of the Tax Cuts and Jobs Act of 2017, was to place a limit on the ability of taxpayers to deduct their state and local taxes (“SALT”). One of the responses by many states to the SALT limitation, including Connecticut, was to enact legislation that allowed residents
On July 1, 2025, Governor Ned Lamont signed into law Public Act No. 25-173, titled An Act Concerning Energy Affordability, Access and Accountability. This legislation introduces a new municipal tax targeting certain large-scale solar photovoltaic systems.
Effective Date:
The new tax provisions will take effect on July 1, 2026.
Scope of the Tax:
The One Big Beautiful Bill Act (OBBBA) introduces sweeping reforms to the Qualified Opportunity Zones (QOZs) program, aiming to refine its scope, enhance its impact, and improve transparency. These changes, many of which take effect after December 31, 2026, reshape how investors, communities, and regulators engage with QOZs.
Rolling Ten-Year QOZ Designations
Beginning July 1
The most recent wave of ERISA litigation is focused on the use of plan forfeitures in 401(k) plans, with the newest case, Armenta v. WillScot Mobile Mini Holdings Corp. being filed just last week. Although, for years, many defined contribution plan documents have provided that forfeitures may be used to offset employer contributions (among other uses), the
On Friday, November 1, the IRS announced the retirement plan limits that will take effect on January 1, 2025. Most notably, the annual contribution limit for participants in 401(k), 403(b), and governmental 457 plans was increased to $23,500, up from $23,000. The catch-up contribution limit for those aged 50 and older is unchanged for 2025, at
Following the severe storms and torrential rainfalls that began on August 18, 2024, the Internal Revenue Service (IRS) announced, in IR-2024-234 (September 10, 2024), tax filing and payment extensions for individuals and businesses in Connecticut and New York affected by the storm.
Who is Eligible:
Affected taxpayers include individuals and households that reside or have
Connecticut has long debated whether it should repeal its motor vehicle tax. Motor vehicle taxes are determined by the mill rates of individual towns and municipalities, which vary depending on each municipality’s taxable grand list. This typically results in disparities amongst towns and cities. However, together, municipalities collect approximately $1.047 billion in motor vehicle taxes on
The Inflation Reduction Act of 2022 (the “IRA”) made several changes to the tax laws allowing owners to transfer certain manufacturing investment, clean energy investment and production tax credits to unrelated third parties or to elect for direct payment in lieu of the tax credit, if certain requirements are met. Direct payment now allows certain
The Inflation Reduction Act of 2022 (the “IRA”) made several changes to the tax laws allowing owners to transfer certain manufacturing investment, clean energy investment and production tax credits to unrelated third parties or to elect for direct payment in lieu of the tax credit, if certain requirements are met. Among the various requirements set forth in