Advocacy Updates
2025 Legislative Initiatives
Advocacy continues to be rated as a top benefit for CTCPA members, and we're working hard for you at the state Capitol and beyond. Here are this legislative session's top initiatives:
CTCPA Bill to Modernize CPA Licensure and Mobility Laws Passes House and Senate, Awaits Governor's Signature
We have advocated for Connecticut to adopt three flexible pathways to CPA licensure, expanding access to the profession while ensuring continued integrity of the credential. We also pursued an automatic or enhanced mobility model to grant CPAs licensed in other states the privilege to practice here without administrative hurdles.
The proposals were released as Raised Bill 7020, An Act Concerning Certified Public Accountants . The bill passed in the Connecticut House of Representatives with no opposition on April 28 and the Senate on May 29 and will now move to be signed by Governor Lamont.
Lower CPA License Fees Not Included in Final Budget Package
Despite extensive efforts by the CTCPA and many members (thank you!), reducing CPA license fees was not included in the final budget package passed by the House and Senate.
We will continue to pursue this important issue in future legislative sessions. Connecticut's license fees are nearly five times higher than the national average of $100 and substantially higher than any other state in the Northeast, which is a barrier to recruiting and retaining CPAs in our state.
FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies
Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
Connecticut Legislative News
CFO Dive: Connecticut passes alternative CPA licensure bill
June 04, 2025
The legislation, which awaits signing by Governor Ned Lamont, includes a provision enabling licensed CPAs form other states in “good standing” to practice in Connecticut.
House Passes $55.8B State Budget
June 03, 2025
The two-year, $55.8 billion budget that passed out of the Connecticut House of Representatives on a mostly party-line vote late Monday night remains within the state budget cap despite increasing spending by $2.63 billion over the next two fiscal years.
A delicate dance: Maneuvering around CT’s budget cap
June 01, 2025
Lawmakers expected to adopt new biennial plan before the 2025 legislative session closes Wednesday.
Bill To Allow Striking Workers Unemployment Benefits Passes House, Heads For Likely Lamont Veto
May 30, 2025
The Connecticut House of Representatives on Friday debated and approved Senate Bill 8, An Act Concerning Protections For Workers and Enhancements to Workers’ Rights, a labor bill that would allow workers engaged in labor disputes to access unemployment benefits.
CTCPA Bill to Modernize CPA Licensure and Mobility Laws Passes House and Senate, Awaits Governor's Signature
May 29, 2025
The bill passed in the Connecticut House of Representatives with no opposition on April 28 and the Senate on May 29 and will now move to be signed by Governor Lamont.
CT budget fight hinges on cutting higher ed reserves
May 28, 2025
Lamont challenges lawmakers to tap $1.1 billion that universities stashed away.
Federal Legislative News
AICPA Continues Opposition to Proposed Limitations on PTET SALT Deductions, Provides Recommendations
May 30, 2025
Following its continued opposition to the severe limitations on the deductibility of state and local tax (SALT) for specified service trades or businesses (SSTBs) included in recent tax legislation passed by the House of Representatives, the American Institute of CPAs (AICPA) sent a second letter to leadership of the Senate Finance and House Ways & Means Committees urging modifications to troubling tax proposals in the One Big Beautiful Bill Act passed by the House and being considered by the Senate.
Is private equity’s pushback on the CPA credential a regulatory issue?
May 30, 2025
The decision to make non-audit CPAs stop using the credential may be less of a private equity strategy and more of a compliance response to regulatory structures.
Financial Accounting Foundation Board of Trustees Seeks Nominations for Governmental Accounting Standards Board (GASB) Member
May 28, 2025
The Financial Accounting Foundation (FAF) Board of Trustees today announced the search for a new member of the Governmental Accounting Standards Board (GASB). The seven-member, part-time Board will have an open seat beginning on July 1, 2026, when Jeff Previdi completes his second term on June 30, 2026.
IRS hotline questions resolved faster in 2025; concern grows about agency’s future
May 28, 2025
A higher percentage of AICPA members got questions answered quickly by the IRS Practitioner Priority Service (PPS) line during the 2025 tax filing season, according to an annual survey, but they have concerns about the future of the IRS.
House passes budget reconciliation bill with changes to tax provisions
May 22, 2025
The House of Representatives approved an amended version of the budget reconciliation bill Thursday morning, sending it to the Senate for consideration. The bill, H.R. 1, known as the One Big Beautiful Bill Act, passed by a vote of 215 in favor, 214 opposed, with one member voting present.
AICPA: Contingent fee provision in tax bill would help unscrupulous tax preparers
May 21, 2025
The AICPA outlined its concerns to Congress about provisions in the tax bill that could hurt the accounting profession, including a section that allows long-debated contingent fees that it described as “an open invitation to unscrupulous tax preparers.”
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We're working hard for you at the State Capitol - but we can't do it alone. We'd like to thank the CTCPA members who've helped us this legislative session, whether they've written testimony, contacted their legislators, or contributed to our advocacy efforts.