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Connecticut Scores Big On Opportunity Zone Designation
Connecticut batted a thousand, getting all 72 of the areas it nominated as Opportunity Zones to induce long-term investments in low-income communities approved by the U.S. Treasury Department. Twenty-seven different municipalities earned the designation, topped by 10 in the city of Hartford and seven in New Haven and Bridgeport, five in East Hartford and five in Stamford. The program provides a federal tax incentive for investors to reinvest unrealized capital gains into...
Report: State pension costs still could reach ‘unaffordable’ levels
Despite numerous reforms in recent years, state government’s pension costs still could reach “unaffordable” levels in the early 2030s, according to a new “stress test” analysis prepared for the Pew Charitable Trusts. In a report published by Harvard University, analysts also warned there is “significant risk” Connecticut will again look to extend those surging costs well into the future, effectively creating a series of “permanent high costs” that strip resources from other segments of...
How the New Tax Law Affects Private Equity and VC Firms
Six months after the Tax Cuts and Jobs Act (TCJA) was enacted, businesses are still trying to decipher its nuances and impact on their specific industries. The private equity sector in particular will be greatly affected, with immediate effects already underway. It is imperative that private equity and venture capital firms understand how these changes will impact their funds, portfolio company investments, investors and management team. In this piece, we will explore the most important...
DRS Issues Implementation Guidance on 2018 Estimated Payments for the Newly Enacted Pass-Through Entity Tax
On May 31, 2018, Governor Malloy signed Public Act 18-49 , An Act Concerning an Affected Business Entity Tax, Various Provisions Related to Certain Business Deductions, the Estate and Gift Tax Imposition Thresholds, the Tax Treatment of Certain Wages and Income, and a Study to Identify Best Practices for Marketing the Benefits of Qualified Opportunity Zones .
HUD’s Carson commits to helping residents with crumbling foundations
On an early morning last winter, Maggie and Vincent Perracchio thought someone dropped something when they heard a loud bang in their house. The noise was actually a reverberation of a new vertical crack in a wall of their basement—one that had exposed the outdoors. The couple has heard several of those bangs over the last three years as their Willington home collapses in slow motion. They are among thousands of residents around central and northeastern Connecticut coping with crumbling...
Gov. Malloy Announces Plans to Appoint Scott Jackson as Commissioner of Revenue Services
The Governor will appoint Scott Jackson, who is currently the Commissioner of the Connecticut Department of Labor (CTDOL), to serve as Commissioner of the Department of Revenue Services (DRS).
2018 DRS Legislative Wrap-Up
State tax legislation passed during the 2018 Regular Session included the following provisions. Many of these changes are still waiting for the governor’s signature.
Already deep in debt, Connecticut struggles with extremes of wealth and income
Even within a nation racing dangerously toward unprecedented levels of income and wealth inequality, Connecticut stands apart. The gap between its richest and poorest citizens — and that between the top and the middle class — outstrips those in most other states, and in many other corners of the globe.
Among Connecticut cities and towns, the wealthiest are the big spenders
When Hartford Mayor Luke Bronin appealed for help to save his municipality from bankruptcy, one response he faced was that the capital city’s big-spending ways had come home to roost. The perception that Connecticut’s cities, facing struggling schools, poverty, crime and heavily traveled roads, easily outspend their suburban and rural neighbors can be found both around the capital city and elsewhere in the state. But when municipal spending is examined on a per capita basis, it’s...
Connecticut 'locks' into new budgetary restraints in three weeks
In less than three weeks, state government will contractually bind itself to a new series of budgetary controls for the next five years despite numerous warnings the maneuver could cause fiscal chaos. State Treasurer Denise L. Nappier announced this week she will issue $500 million in bonds on June 4 on Wall Street — bonds that will include the so-called "bond lock" provision mandated by the General Assembly.