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

Malloy has one more budget to tackle
After eight years of grappling with Connecticut’s finances, Gov. Dannel P. Malloy has one more budget to tackle. Malloy must offer Gov.-elect Ned Lamont strategies to avert the multi-billion-dollar deficit state finances could face over the next two years — if adjustments aren’t made.
Lamont launches economic revitalization tour in southeastern CT
Gov.-elect Ned Lamont launched a series of strategic economic development tours Friday with a visit to Connecticut’s southeastern corner, saying the region exemplifies the state’s potential for growth. Lamont and Lt. Gov.-elect Susan Bysiewicz, along with the region’s state legislative delegation, met with business, labor, education and municipal leaders, as well as representatives of the tribal casinos and regional economic development boards.
No leadership challenges seen in new General Assembly
The Senate Democratic caucus unanimously voted Thursday to retain the leadership team of Senate President Pro Tem Martin M. Looney of New Haven and Bob Duff of Norwalk as Sen. Gary Winfield of New Haven declined to pursue Duff’s post. House Speaker Joe Aresimowicz of Berlin has the backing of his caucus for a second and final term as speaker in January — if he can survive a recount. Unofficial results have him winning his seat by only 37 votes.
Lamont Begins Transition Team Building
Governor-elect Ned Lamont met with Gov. Dannel P. Malloy Thursday at the executive residence to discuss the transition before heading to the state Capitol to announce the first members of his transition team. Some of the faces are familiar like Attorney General George Jepsen and state Rep. Toni Walker of New Haven, two others are from the business world, and one is from higher education.
New DRS Website Launched Nov. 1
The Connecticut Department of Revenue Services (DRS) is excited to announce the launch of a new, mobile-enabled (portal.ct.gov/drs) website. The new site is designed to better meet the needs of our taxpayers, preparers and business owners.

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Accounting Standards and Regulations

State Boards Consider Technology Pathway
Attendees at NASBA’s Eastern and Western Regional Meetings are being asked to consider the concept of a Technology Pathway leading to the CPA license. Executive Vice President Colleen Conrad and Vice President – State Board Relations Dan Dustin...
View Louis Bucari's 'Hot Topics with the DRS' Slides
Connecticut Department of Revenue Services Legal Counsel Louis Bucari talked "Hot Topics with the DRS" to a packed house at the June 21 Easton CONNection - and was gracious enough to allow us to share his slides with our members. Louis addressed...
DRS Issues Guidance Regarding Treatment of Bonus Depreciation for Connecticut Income Tax Purposes
The Department of Revenue Services (DRS) recently issued guidance on treatment and decoupling of bonus depreciation for Connecticut income tax purposes, the result of new federal (Tax Cuts and Jobs Act of 2017) and state ( Public Act 18-49 )...
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...
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...

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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.

IRS Increases 401(k) and IRA Limits for 2019
The IRS has just announced the inflation-indexed adjustments for qualified retirement plans, such as 401(k) plans, and IRAs for 2019 (Notice 2018-83, 11/1/18). As opposed to recent years, in which annual changes were generally nonexistent or minimal, most plan limits are being bumped up next year.
A divided Congress, a divided America
Democrats on Tuesday captured the House of Representatives and are set to exert a major institutional check on President Donald Trump, while breaking the Republican monopoly on power and ushering in a younger, more female and more racially diverse political generation. But the GOP solidified their Senate majority after an acerbic midterm election that enshrined America's deep divides and shaped a highly contentious battleground for the stirring 2020 presidential race.
ACA enrollment begins as voters say health care is top concern
The sixth open enrollment period for the Affordable Care Act begins Thursday, as the future of the health care law, and its protections for pre-existing conditions, has emerged as a top concern for voters across the nation in the midterm elections. In Connecticut, those who aren’t covered through their employment or government-run plans like Medicare and Medicaid are urged by officials at Access Health CT, the state’s ACA marketplace, to shop for a policy on the exchange from the two...
WTNH-8: CTCPA Executive Director Bonnie Stewart, Rep. Joe Courtney, and Rep. John Larson announce IRS will allow homeowners to carry forward net operating loss for crumbling foundations
There is some good news for Connecticut homeowners with crumbling foundations.
Courtney, Larson Receive Tax Clarification from the IRS for Homeowners with Crumbling Foundations
Today, Congressman Joe Courtney (CT-02) and Congressman John B. Larson (CT-01) announced that the Internal Revenue Service (IRS) had provided them with clarifying information that will offer additional tax relief to homeowners with crumbling foundations. First, the IRS has announced that they will allow homeowners to “carry forward” or “carry back” a net operating loss should their casualty loss exceed their annual tax liability.

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