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Capitol Corner

We've got our eye on happenings at the Capitol! If state or federal legislation or activity will affect you, your company, or your clients, we'll keep you updated here.

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State News

Legislators announce tentative, bipartisan budget deal
State legislative leaders declared Wednesday they had crafted the framework of a bipartisan deal to end Connecticut’s 110-day budget impasse, while conceding some key details, including distribution of town aid, remained to be resolved.
Hartford Business Journal: Another day of negotiations yields optimism, but no budget deal
The state's long-running budget drama took a new twist Tuesday as some legislative leaders hinted they were closer than ever before to a bipartisan deal, absent any input from the Democratic administration of Gov. Dannel P. Malloy.
State Retirement Plan Mandate Delayed
Many employers were concerned with the compliance requirements for Connecticut's employee retirement plan mandate that was to take effect January 1, 2018. The good news is that, despite claims from certain payroll providers trying to get your company to buy plans, employers do not have to comply with the mandate just yet. And sources in the Connecticut Department of Labor now concede the mandate's effective date could be rolled back to September 2018—or later.
Malloy vetoes budget, seeks ‘honest dialogue’
Gov. Dannel P. Malloy delivered Thursday on his vow to veto the Republican budget unexpectedly passed with a handful of Democratic votes, calling it a gimmick-laden measure that would consign Hartford to bankruptcy, devastate public higher education, invite certain lawsuits from state employees and add to Connecticut’s pension liabilities. Read more from The Connecticut Mirror
Democrats Say GOP Budget Doesn't Deliver on No New Taxes
Note: This article mentions "$20 million in unspecified fee increases in Fiscal 2019 to cover administrative expenses." That does NOT include CPA license fees, since that fee more than covers the cost of administrative; thank you to all of our members who pointed that out to their legislators this summer and helped us successfully defeat that proposed fee increase!
Following Historic Budget Vote, A Hunger for Change
Democratic leaders say state Sens. Paul Doyle, Joan Hartley and Gayle Slossberg betrayed their party's core principles when they sided with Republicans during last week's key budget vote.
Republicans Defend Cuts To UConn In GOP Budget
Republican leaders defended their budget Monday in the face of criticism from both Gov. Dannel P. Malloy and UConn President Susan Herbst.
Malloy Veto of GOP Budget Delayed, Governor Calls For Renewed Talks
Gov. Dannel P. Malloy ripped into the newly approved Republican budget Monday, calling it irresponsible, legally defective and in need of a veto, and then called for a renewed bipartisan effort to solve Connecticut’s massive deficit issues.
Gov. Malloy's Prepared Remarks from Today's News Conference at the State Capitol
Governor Dannel P. Malloy delivered the following prepared remarks regarding the state budget during a news conference this afternoon at the State Capitol building in Hartford:
CT News Junkie: With 5 More Democrat Votes, House Forwards GOP Budget to Malloy; Veto Expected
Feeding off momentum created by three Senate Democrats who surprised their leadership Friday by voting for the Republican budget, five House Democrats also crossed the aisle in support of the GOP plan early Saturday.

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Federal News

Trump Tracker! Surgent's Trump Tracker, inspired by The New York Times, tracks the status of all changes proposed by President Trump that could affect CPAs and their clients in a user-friendly format that makes it clear where a change currently stands.

 

GOP effort to repeal Obamacare dies, but Murphy expects new challenges
While GOP Senate leaders threw in the towel Tuesday on their latest attempt to repeal and replace the Affordable Care Act, Sen. Chris Murphy said he expects new challenges to the Obama-era health care law. Read more from The Connecticut Mirror.
Tax Reform Framework Expected Next Week
Discussions are ongoing between the administration and Congress on how to reform the tax code. Republican leadership in Congress and the White House plan to release a tax reform framework next week. The contents of the framework and to what extent it will focus on policy remains to be seen.
Senate Budget Committee Weighs Tax Cuts Totaling $1.5 Trillion
Senate Budget Committee member Ron Johnson said the panel is considering a budget that would allow for $1.5 trillion in tax cuts that would add to the deficit on a so-called “static” basis over the next 10 years.
The Fed, a Decade After the Crisis, Is About to Embark on the Great Unwinding
The Federal Reserve resorted to a series of shock-and-awe stimulus campaigns to stabilize the economy after the financial crisis. Now the Fed is preparing the final move to unwind its support—and it wants to be as boring as possible.
Military Spending Measure With Billions For Conn. Wins Senate Approval
A nearly $700 billion military spending measure, with billions for Connecticut manufacturers of submarines, jet engines and helicopters, won U.S. Senate backing Monday.
New push to replace Obamacare reflects high stakes for Republicans
A final GOP effort to dismantle the Affordable Care Act burst into view this week in the Senate, where leaders began pressuring rank-and-file Republicans with the hope of voting on the package by the end of the month.
White House Puts EEOC's Pay Data Collection Rule on Hold
State Revenue Departments, Employers Adjust To Midyear Changes for Income Tax Rates
States facing budgetary shortfalls and political turmoil have to adjust - and seven states have made changes (some retroactive) that have left employers and revenue departments reeling.
Health Care Bill Collapses
According to a front-page story in the July 18 Hartford Courant, “Two more Senate Republicans have declared their opposition to the latest plan to overhaul the nation’s healthcare system, potentially ending a months’ long effort to make good on a GOP promise that has defined the party for nearly a decade…”
AICPA Sends Tax Reform Recommendations to Senate Finance Committee Chairman Hatch
The American Institute of CPAs (AICPA) submitted tax reform recommendations to Senate Finance Committee Chairman Orrin Hatch (R-Utah) on July 17 in response to his June 16 call for suggestions from stakeholders.

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