Advocacy Updates

CT has saved $9 billion since 2017, but some say the budget constraints need to be loosened

Soaring demand could cut promoted bonuses of $1,000 to $200 or less.

Early projections from Gov. Lamont put state nearly $2.3 billion in the black this fiscal year

An estimated 454,200 borrowers in Connecticut are eligible to receive at least $10,000 in federal student debt relief implemented under President Joe Biden’s plan on loan forgiveness, according to data released by the White House on Tuesday.

Finding private capital and real estate will be the biggest hurdle for a new bunch of cannabis entrepreneurs looking to break into Connecticut’s recreational cannabis business.

In March, CT officials said initial results would be released within weeks.

Sen. Jack Reed of Rhode Island and two other Senate Democrats have filed legislation that would establish new SEC registration triggers for certain large private companies.

While the AICPA said it welcomes the IRS's recent grant of automatic penalty relief for failure to file a broad range of tax and information returns for 2019 and 2020, it requested that the IRS expand, modify, and clarify the scope of that relief, as well as extend the relief deadline from Sept. 30 to Dec. 31.

The recently passed Inflation Reduction Act of 2022 did not include an extension of the expanded child tax credit provision, which was enacted under the Biden Administration’s American Rescue Plan for 2021 federal tax returns. However, all is not lost… the federal child tax credit is still available to families for tax year 2022 and thereafter, albeit, under the “old” tax law rules that existed prior to the enactment of the American Rescue Plan.

Connecticut officials applauded on Wednesday President Joe Biden’s plan to forgive $20,000 in student loan debt for borrowers who went to college using Pell Grants and $10,000 in student loan debt for borrowers making less than $125,000 a year.

Internal Revenue Service Commissioner Chuck Rettig is promising not to use the nearly $80 billion his agency will be receiving over the next 10 years to increase audits of small businesses or taxpayers who earn less than $400,000.

The U.S. House of Representatives on Friday approved the Inflation Reduction Act, H.R. 5376, reflecting the Senate's substitution of the original bill with a package of tax credits encouraging conservation and cleaner sources of energy, increased IRS funding, and a number of tax provisions.