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

Shipman & Goodwin attorneys Alan Lieberman and Robert Day III will be speakers at CTCPA’s State Tax 360° Conference.

Alan and Stephen LaRosa of Alexion Pharmaceuticals will present the Legislative Update session.  Robert will present the session State Tax Implications of the Federal Tax Reform also with Stephen LaRosa.

For more information or to register,

Although the 2018 legislative session of the Connecticut General Assembly ended with the adoption of bipartisan budget legislation, it was marked by a continued failure to conduct a more holistic review of the state’s sources of expense and revenue.  Such a review was invited by the 2015 report of the State Tax Panel and the more recent report of the Commission on Fiscal Stability and Economic Growth, but there seemed to be little appetite for debate on the subject in this gubernatorial election year. 
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Shipman & Goodwin attorneys Alan Lieberman and Louis Schatz authored the article “2017 Survey of Connecticut Tax Law Developments” which was published in Connecticut Bar Journal. This survey summarizes Connecticut tax legislation enacted, court decisions rendered, and administrative guidance published by the DRS during 2017.

Click here to read the full article.

Connecticut Tax Developments is published by the State and Local Tax Practice as a service to clients and friends. The contents are intended for informational purposes only, and the advice of a competent professional is required to address any specific situation. Reproduction or redistribution is permitted only with attribution to the source.
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In a story in Bloomberg Tax (“Connecticut Mulls State, Local Tax Deduction Cap Workarounds”), Shipman & Goodwin attorney Louis B. Schatz discussed Connecticut’s proposed legislation for addressing the impact of the new federal tax law.

To read the full story, please click here.

Reproduced with permission. April 14, 2018 Copyright 2018 by the Bureau

Connecticut was the last state in the country to adopt a budget, more than 120 days after the commencement of the current fiscal year.  The biennial budget for the period from July 1, 2017 through June 30, 2019 was the result of bipartisan negotiations between Democrat and Republican legislators, which largely excluded the participation of Governor Malloy. 
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Shipman & Goodwin attorneys Alan E. Lieberman and Louis B. Schatz authored the article “2016 Survey of Connecticut Tax Law Developments” which was published in Connecticut Bar Journal. Coming off a tumultuous year in 2015, which involved significant tax increases, the Governor generally remained true to his pledge in 2016 not to increase Connecticut taxes,

The 2017 regular legislative session ended at midnight on June 7, 2017, with Governor Malloy and the Connecticut General Assembly unable to agree on a biennial budget for the period from July 1, 2017 through June 30, 2019, or on a strategy for how the state will address the estimated $5 billion deficit projected for that period.
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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