Connecticut recently enacted two significant changes to its corporation business tax that may affect how businesses compute their state tax liability and, in some cases, may create additional tax obligations for prior years. These changes were enacted as part of Public Act No. 26-68, §§ 265–266 and are effective as of May 26, 2026.
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Connecticut retailers now face two overlapping sales tax developments this summer: a temporary, one-week expansion of the state’s back-to-school sales tax holiday, and a separate, permanent exemption for nonelectronic school supplies that applies year-round.
Continue Reading Connecticut Expands Its Sales Tax Free Week and Creates a Year-Round School Supplies Sales Tax Exemption
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
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