Capitol Corner

We've got our eye on happenings at the Capitol! If state or federal legislation or accounting standards activity will affect you, your company, or your clients, we'll keep you updated here.

Read the full text of Governor Dannel Malloy's final State of the State address.


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State News

Action Required: Send Your Questions for the DRS Regarding Public Act No. 18-49
A number of our members have reached out with questions regarding Substitute Senate Bill No. 11, Public Act No. 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.
Malloy to open sports betting talks with tribes
Gov. Dannel P. Malloy said Tuesday he will try to resolve who has rights to sports gambling — the tribal owners of the state’s two casinos, licensed off-track betting parlors or other vendors chosen by the state, or a mix of the two — before calling the General Assembly into special session to consider legalizing wagering on sports.
Connecticut’s attempt to safeguard federal deductions may draw IRS heat
Fairfield First Selectman Mike Tetreau hopes to take advantage of a new state law aimed at blunting the impact on his town’s residents of a new cap on certain federal tax deductions. “We’re going to do everything we can to see if we can help,” Tetreau said.
A Win For Women, Workers, and Families
Gov. Dannel P. Malloy signed legislation Tuesday that makes Connecticut the fifth state in the nation to ban the pay history question. Malloy said the legislation takes a “real and important step” toward pay equity in Connecticut. He said it’s unacceptable that Hispanic women earn just 47 cents for every dollar paid to white men. It’s 58 cents for black women and 82 cents for white women.
Connecticut Works To Fend Off Cybersecurity Attacks On Election
Two days after President Donald Trump eliminated the position of cybersecurity coordinator on the National Security Council, Secretary of the State Denise Merrill convened the second meeting of the Elections Cybersecurity Task Force. At the very beginning of the meeting, Merrill reminded the task force that the election system faces several threats, including natural ones, like the tornadoes that touched down in the state last week and caused more damage than some hurricanes in...

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Accounting Standards and Regulations

GASB Establishes New Implementation Guidance to Assist Stakeholders with Recent Pronouncements
The Governmental Accounting Standards Board (GASB) today issued implementation guidance containing questions and answers intended to clarify, explain, or elaborate on certain GASB Statements. Implementation Guide No. 2018-1, Implementation...
Better Late Than Never? Speaker, Gov. Say Plan for Special Session
Just days after the Connecticut General Assembly failed to pass legislation that would have allowed the state to legalize sports gambling, the U.S. Supreme Court cleared the way for states to do just that. In a decision released Monday,...
Kevin Sullivan, one of Malloy’s original appointees, to leave DRS
Kevin Sullivan, the commissioner of revenue services since Gov. Dannel P Malloy took office in January 2011, will step down for a private-sector job on May 10, the day after the General Assembly adjourns its regular session for 2018. Malloy...
Finance Committee Moves To Delay Bond Covenant
The Finance, Revenue, and Bonding Committee approved a bill Thursday that will delay implementation of what many are referring to as the “bond lock.” The 26-25 party line vote, which involved some Democratic members switching their votes...
Bill that could establish tolls clears second committee
The legislature’s Finance, Revenue and Bonding Committee narrowly approved a measure Thursday that could establish electronic tolling on Connecticut’s highways. But despite the committee’s vote of approval, advocates conceded the bill’s fate...

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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.

Action Required: Send Your Questions for the DRS Regarding Public Act No. 18-49
A number of our members have reached out with questions regarding Substitute Senate Bill No. 11, Public Act No. 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.
Connecticut’s attempt to safeguard federal deductions may draw IRS heat
Fairfield First Selectman Mike Tetreau hopes to take advantage of a new state law aimed at blunting the impact on his town’s residents of a new cap on certain federal tax deductions. “We’re going to do everything we can to see if we can help,” Tetreau said.
Connecticut Works To Fend Off Cybersecurity Attacks On Election
Two days after President Donald Trump eliminated the position of cybersecurity coordinator on the National Security Council, Secretary of the State Denise Merrill convened the second meeting of the Elections Cybersecurity Task Force. At the very beginning of the meeting, Merrill reminded the task force that the election system faces several threats, including natural ones, like the tornadoes that touched down in the state last week and caused more damage than some hurricanes in...
Blumenthal, Murphy Seek Relief For Crumbling Concrete
Senators Richard Blumenthal and Chris Murphy introduced legislation this week aimed at providing up to $100 million in federal assistance to help homeowners and businesses whose homes and buildings suffer from crumbling foundations. The Connecticut tandem put two bills into the hopper that provide two separate ways for the $100 million to be authorized over a five year period.
Newly revised estimated tax form and publication can help people pay the right amount
With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment for 2018 is due on Tuesday, April 17, 2018.

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