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CBIA: Unemployment benefit hike a concern
Connecticut may diminish its Unemployment Trust Fund faster than expected when the state labor department raises its weekly unemployment benefit by $18 next month, the state's largest business lobby said. On Oct. 7, the state Department of Labor (DOL) is scheduled to raise its weekly unemployment benefit from $613 to $631, the largest amount allowed under state law. The increase, which is calculated and mandated by state statute, will not impact those filing claims before Oct. 1.
Survey: CT companies lukewarm about state’s economic future
While most Connecticut businesses are optimistic the nation’s economy will grow over the next year, a new survey has found many have broad anxiety about the state’s economic future. The Connecticut Business and Industry Association’s 2018 Survey of Connecticut Businesses also found business leaders disapprove of the legislature’s handling of the economy and want the next governor and General Assembly to focus on cutting spending and reforming state employee retirement benefits.
New chapter in governor’s race opens Wednesday
The first opportunity for side-by-side comparisons of Democrat Ned Lamont and Republican Bob Stefanowski, each a businessman trying to become Connecticut's next governor without significant government experience, will come Wednesday night on the stage of a 1920s movie palace enjoying a second life as a performing arts center.
CT ramps up efforts to collect online sales tax revenues
Back in June, a Supreme Court decision overturned a long-held standard that no state can collect sales taxes from e-commerce businesses that lack a physical presence, or "nexus," within its borders. That was a week after Gov. Dannel P. Malloy signed into law a measure requiring online retailers doing more than $250,000 of business and 200 transactions annually in Connecticut to pay state sales tax.
Lembo pushes back on Malloy's prediction of budget surplus
Connecticut's chief fiscal watchdog slammed the brakes Tuesday on Gov. Dannel P. Malloy's assertion that the new state budget is on its way to another surplus. Comptroller Kevin P. Lembo concluded in his monthly budget assessment that state finances for this fiscal year — which began July 1 — are on track to end "approximately in balance."
Women Get Ready For November
There are a record number of female candidates running for office in Connecticut this year. Of the 243 grants clean election grants awarded this year, 101 went to female candidates. But will that mean more women will win elected office? That won’t be clear until Nov. 7.
Malloy Appeals FEMA Denial of Assistance for May Tornadoes
Gov. Dannel P. Malloy this week filed an appeal with the Federal Emergency Management Agency to reconsider its decision denying individual assistance to homeowners in New Haven and Fairfield counties who suffered losses from severe storms on May 15.
Connecticut starting to beef up its meager fiscal cushion
Next month, Connecticut will officially record its largest budget reserve in a decade — but $1.2 billion doesn’t go as far as it used to. According to a new analysis of all states’ rainy day funds released this week by the Pew Charitable Trusts, Connecticut’s reserve would leave it in the middle of the pack, when it comes to readiness for the next economic downturn.
Accounting Today: Connecticut issues guidance on pass-through tax credit
The Connecticut Department of Revenue Services released guidance this week on the recently enacted Pass-Through Entity Tax Credit, which state lawmakers approved this spring as a way to get around limits in the new federal tax law on state and local tax deductions.
DRS Issues Guidance Regarding the Passthrough Entity Tax Credit
This preliminary guidance is intended to provide information to partners about the credit available under the Pass-Through Entity Tax (“PE Tax”). This guidance may be updated as needed to answer additional questions.