Capitol Corner

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

Read the full text of Governor Dannel Malloy's final State of the State address.


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State News

Union president: Workers have postponed strike — for now
David Pickus, president of SEIU 1199 New England, appreciates the value of the care provided to the disabled by thousands of Connecticut workers. But he says they are woefully underpaid and he wants legislators to fix that.
Hospital tax could complicate CT deficit, but income tax receipts keep rising
Some days bring good news and bad news. … While Connecticut learned Friday that surging state income tax receipts now are running $1.03 billion more than anticipated — $116 million better than Thursday’s forecast — Gov. Dannel P. Malloy disclosed the state has a pretty hefty accounting problem equal to about $150 million.
Competing CT budget plans rely on April tax bonanza
Democratic and Republican legislators offered competing visions for the next state budget Friday, but both effectively dipped into this spring’s unexpectedly high income-tax revenues to salvage key programs for towns and social services, drawing a sharp rebuke from Gov. Dannel P. Malloy.
Speaker: CT may need to tap surging April income tax receipts
With revenues from a key portion of the income tax now running $915 million ahead of projections this spring, House Speaker Joe Aresimowicz said Thursday he would support using some of this potential bonanza to preserve “crucial programs” in the next state budget. Aresimowicz, D-Berlin said this revenue surge is not an excuse for a “spending spree.”
Bronin sends level Hartford budget proposal to CT oversight panel
Hartford Mayor Luke Bronin proposed the city’s first budget Monday since the state committed to retire more than $540 million of Hartford’s debt to help it avert bankruptcy. The new $567.3 million budget technically increases spending by 1.4 percent, or $8.1 million, beyond projected city expenditures for the current fiscal year.

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Accounting Standards and Regulations

Finance Committee Moves To Delay Bond Covenant
The Finance, Revenue, and Bonding Committee approved a bill Thursday that will delay implementation of what many are referring to as the “bond lock.” The 26-25 party line vote, which involved some Democratic members switching their votes...
Bill that could establish tolls clears second committee
The legislature’s Finance, Revenue and Bonding Committee narrowly approved a measure Thursday that could establish electronic tolling on Connecticut’s highways. But despite the committee’s vote of approval, advocates conceded the bill’s fate...
Fiscal stability plan must proceed at a slower pace
Acknowledging that legislators are unlikely this spring to enact their complete, multi-tiered plan to stabilize Connecticut’s finances, the leaders of a key state panel have agreed to pursue a piecemeal approach — for now. But the principals...
CPE Reciprocity Advances in CT
March  22, 2018 At their March 15 meeting, the General Law Committee of the 2018 Connecticut General Assembly placed Senate Bill 327, “An Act Concerning License Renewal Requirements for Certified Public Accountants” on their consent...
CTCPA Fighting to Preserve CPAs’ Expert Testimony and Valuation Services in Property Tax Issues
The CTCPA is fighting diligently to preserve the ability of CPAs – in municipal property tax appeals – to perform valuation services, serve as expert witnesses before the court, and, in general, represent their clients in related...

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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.

Newly revised estimated tax form and publication can help people pay the right amount
With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment for 2018 is due on Tuesday, April 17, 2018.
Omnibus spending bill has millions to strengthen CT voting system against cyber attacks
The massive omnibus spending bill President Donald Trump signed into law Friday contains $380 million — including up to $5 million for Connecticut – to protect digital voting systems from cyberattacks.
Malloy backs higher minimum wage, hedging on how high
Gov. Dannel P. Malloy and Democratic legislators on Thursday outlined similar agendas for the remaining nine weeks of the 2018 legislative session: Pay equity, expanded sick time and other workplace issues largely directed toward women, a constituency that polls indicate has further tilted toward Democrats since the election of President Trump.
Updated Withholding Calculator, Form W-4 Released
The Internal Revenue Service today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks.
Three Popular Tax Benefits Retroactively Renewed for 2017; IRS Ready to Accept Returns Claiming These Benefits; e-file for Fastest Refunds
The Internal Revenue Service today said that it is ready to process tax year 2017 returns claiming three popular tax benefits recently renewed retroactively into law. The Bipartisan Budget Act, enacted on Feb. 9, renewed for tax year 2017 a wide range of individual and business tax benefits that had expired at the end of 2016.

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