On June 12, 2023, Connecticut Governor Ned Lamont signed into law legislation enacting the fiscal years 2024 and 2025 biennial state budget (House Bill 6941) (the “Bill”). Included in the Bill was a provision eliminating the angel investor tax credit for eligible investments in qualified cannabis businesses. Cannabis businesses will no longer be eligible for
This newsletter summarizes Connecticut tax legislation enacted, court decisions rendered, and administrative guidance published by the Connecticut Department of Revenue Services (DRS) during calendar year 2022. Please contact a member of our State and Local Tax Practice Group if you have any questions regarding the new tax law changes and how they may affect you and
This article first appeared on CBIA’s website and is published here with permission.
On May 7, 2022, Gov. Lamont signed Public Act 22-118 into law. Among its many provisions, the act provides pass-through businesses operating in Connecticut, such as limited liability companies and S corporations and their members and shareholders, with the opportunity to directly
Louis Schatz and Alan Preis, CPA, will present the session “Current Developments in NJ/CT Taxation” during the 2021 NCCPAP Virtual Accounting and Tax Symposium.
Lou will review recent Connecticut tax developments, including legislative, judicial, and administrative changes. Particular emphasis will be placed on Connecticut’s 2021 legislative changes, including new legislation impacting the treatment of teleworking
Lou Schatz will present the session, “2021 Connecticut Legislative, Administrative and Judicial Tax Update” during the Connecticut Society of CPAs State Tax 360° Conference. This session will provide a detailed summary of the Connecticut tax law changes adopted by the 2021 legislative session. In addition, the session will review recent administrative guidance issued by the
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