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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

Gov. Malloy Announces First Meeting of the Newly Formed Commission on Fiscal Stability and Economic Growth
The 14-member group was created as part of the bipartisan state budget that Governor Malloy signed into law on October 31 and will be responsible for developing and recommending policies to achieve state government fiscal stability and promote economic growth and competitiveness within the state.
Gov. Malloy Announces Launch of State’s ‘Fresh Start’ Tax Initiative
Governor Dannel P. Malloy along with Department of Revenue Services (DRS) Commissioner Kevin Sullivan today announced that DRS is launching the CT Fresh Start program – a voluntary compliance initiative available to both individuals and businesses that provides incentives to taxpayers who report and pay their outstanding, unreported tax liabilities to the state.
CT News Junkie: Legislative Leaders, Malloy To Meet Mid-Week To Discuss Deficit
Legislative leaders will meet Wednesday with Gov. Dannel P. Malloy in what could be an awkward conversation over how to handle the current deficit.
Gov. Malloy Sets January 9 Special Election for State House Seat in Bloomfield and Windsor
Governor Dannel P. Malloy today announced that a special election to fill a vacancy in the 15th Assembly District of the Connecticut House of Representatives, which consists of the entirety of Bloomfield and portions of Windsor, will be held on January 9, 2018. The seat recently became vacant following the resignation of David Baram, who earlier this month was elected as 3rd District Probate Court judge.
CT Post: Nonprofits adjust to austere reality with less state funding
Facing state budget cuts, nonprofit social-service providers are tightening their belts and doing more with less.
Hartford Courant: Connecticut State Senate Approves Changes to State Budget - House to Vote Wednesday
The state Senate voted unanimously Tuesday in special session on budget fixes for the controversial hospital tax and renters’ rebates for the elderly and disabled.
Hartford Courant: State Deficit Reaches $178M
The new state budget was signed on Halloween, but the deficit is already projected at more than $178 million for the current fiscal year.
Regulators Approve Workers' Comp Premium Rate Cuts
Connecticut employers will see their workers' compensation insurance premiums decrease in 2018 for the fourth consecutive year.
State Retirement Plan Mandate Delayed Indefinitely
Connecticut has officially delayed implementation of the state's controversial retirement plan mandate.
Hartford Courant: Malloy Signs Portions of the Budget Bill But Rejects Hospital Tax
Gov. Dannel P. Malloy quietly signed the two-year, $41.3 billion state budget bill Tuesday, but he used his power to veto a section of the nearly 900-page document that related to the controversial hospital tax.

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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.


How tax overhaul would change business taxes
The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small. The Tax Cuts and Jobs Act, H.R. 1, would make sweeping modifications to the Internal Revenue Code, including a much lower corporate tax rate, changes to credits and deductions, and a move to a territorial system for corporations that have overseas earnings.
What the tax reform bill means for individuals
The Tax Cuts and Jobs Act, H.R. 1, agreed to by a congressional conference committee on Friday and expected to be voted on by both houses of Congress during the week of Dec. 18, contains a large number of provisions that would affect individual taxpayers.
CT Mirror: Federal tax changes could create misleading budget 'bubble' in CT
Most Americans wouldn't feel the effects of proposed federal tax changes until the spring of 2019. But it could throw a big wrench into Connecticut's state budget right in the coming weeks.
Brady Expects Technical Corrections Bill Next Year
As congressional Republicans continue to fast-track a massive overhaul of the tax code before the end of the year, House Ways and Means Committee Chairman Kevin Brady acknowledged that Congress will likely have to take up legislation next year to fix any glitches and unintended consequences in the bill.
Senate and House G.O.P. Reach a Deal on Tax Bill
New York Times: The day after suffering a political blow in the Alabama special Senate election, congressional Republicans sped forward with the most sweeping tax rewrite in decades, announcing an agreement on a final bill that would cut taxes for businesses and individuals and signal the party’s first major legislative achievement since assuming political control this year.
Breaking News: House and Senate Republicans have a tax deal, putting a bill on track for final votes next week. It has cuts for businesses and high earners.
BREAKING NEWS House and Senate Republicans have a tax deal, putting a bill on track for final votes next week. It has cuts for businesses and high earners. Wednesday, December 13, 2017 12:12 PM EST House and Senate Republicans have reached an agreement, in principle, on a consensus tax bill on Wednesday, keeping the party on track for final votes next week with the aim of delivering a bill to President Trump’s desk by Christmas, according to people briefed on the deal.
CT CPAs Warn of Dire Impact of New Federal Tax Plan
Connecticut's accountants are frustrated that they can give clients only limited advice about a massive federal tax overhaul underway in Congress, and some predict there will be more losers than winners among individual taxpayers in the state.
Senate Passes Tax Reform Bill
The U.S. Senate passed its version of tax reform, the Tax Cuts and Jobs Act, H.R. 1, early Saturday morning by a vote of 51–49, with all Democrats, both independents, and one Republican voting no. The vote followed two long days of debate and amendments. The bill, as approved, differs significantly from the version that was introduced by the Senate Finance Committee.
Senate Passes Tax Reform Bill, But It Isn’t Over Yet
On Saturday, December 2, in the early morning hours, the Senate voted to pass the “Tax Cuts and Jobs Act,” after vigorous debate and a number of amendments. The bill, which needed only 50 votes to pass (with Vice President Pence as a tiebreaker) under reconciliation rules, passed in a 51-49 vote, eliminating the need for Vice President Pence to break a tie. Previously expected to pass November 30, efforts to push the bill through stalled. The reason was a trigger mechanism that...
U.S. Senate Passes Tax Reform Bill
The U.S. Senate passed its version of tax reform, the Tax Cuts and Jobs Act, H.R. 1, early Saturday morning by a vote of 51–49, with all Democrats, both independents, and one Republican voting no.

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