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Connecticut Joins the Offshore Wind Rush
Connecticut has officially entered the offshore wind energy world. The Department of Energy and Environmental Protection Wednesday awarded its first offshore wind project to Deepwater Wind for a 200-megawatt installation in the area it owns about half-way between Montauk, N.Y. and Martha’s Vineyard. It could begin providing electricity to the state by 2023 – enough to power about 100,000 homes.
DRS Update: 2018 Estimated Connecticut Pass-Through Entity Tax Payment Coupon and Additional Resources
We know many of you are struggling with the impending pass-through entity tax deadline. Your questions helped inform the DRS implementation guidance issued last week, but a number of unanswered questions remained, particularly regarding payment. This morning, the DRS issued the CT-1065/CT-1120SI ES 2018 Estimated Connecticut Pass-Through Entity Tax Payment Coupon and instructions , which may clarify the process.
Feds OK first stage of new Connecticut hospital taxing system
Connecticut received a key approval Friday for a new hospital taxing arrangement designed to draw $150 million in new federal money annually into the state’s coffers. The U.S. Centers for Medicare and Medicaid Services, commonly known as CMS, approved a significant increase in the state’s annual tax on hospitals — from roughly $556 million to $900 million.
Speaker Wants To Override Malloy’s Vetoes
Gov. Dannel P. Malloy isn’t done signing legislation, but House Speaker Joe Aresimowicz says he wants to override the governor’s two vetoes. Malloy has vetoed two bills, one that would extend the manufacturing apprentice tax credit to small businesses, and another that would limit the executive branch’s authority to cut education funding.
Wall St. flocks to CT's 'GO' bonds
Connecticut's financial pledge to live within its means ahead of its $492 million sale of debt has proven to be catnip for Wall Street investors eager for lucrative, yet safe investment returns. State Treasurer Denise L. Nappier announced Friday that eager individual and institutional investors flooded Connecticut's debt underwriters earlier this week with $1.5 billion worth of orders for the state's issue of general obligation, or GO debt, and refunding notes, more than triple the amount...
Connecticut Scores Big On Opportunity Zone Designation
Connecticut batted a thousand, getting all 72 of the areas it nominated as Opportunity Zones to induce long-term investments in low-income communities approved by the U.S. Treasury Department. Twenty-seven different municipalities earned the designation, topped by 10 in the city of Hartford and seven in New Haven and Bridgeport, five in East Hartford and five in Stamford. The program provides a federal tax incentive for investors to reinvest unrealized capital gains into...
Report: State pension costs still could reach ‘unaffordable’ levels
Despite numerous reforms in recent years, state government’s pension costs still could reach “unaffordable” levels in the early 2030s, according to a new “stress test” analysis prepared for the Pew Charitable Trusts. In a report published by Harvard University, analysts also warned there is “significant risk” Connecticut will again look to extend those surging costs well into the future, effectively creating a series of “permanent high costs” that strip resources from other segments of...
How the New Tax Law Affects Private Equity and VC Firms
Six months after the Tax Cuts and Jobs Act (TCJA) was enacted, businesses are still trying to decipher its nuances and impact on their specific industries. The private equity sector in particular will be greatly affected, with immediate effects already underway. It is imperative that private equity and venture capital firms understand how these changes will impact their funds, portfolio company investments, investors and management team. In this piece, we will explore the most important...
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 Wages and Income, and a Study to Identify Best Practices for Marketing the Benefits of Qualified Opportunity Zones .
HUD’s Carson commits to helping residents with crumbling foundations
On an early morning last winter, Maggie and Vincent Perracchio thought someone dropped something when they heard a loud bang in their house. The noise was actually a reverberation of a new vertical crack in a wall of their basement—one that had exposed the outdoors. The couple has heard several of those bangs over the last three years as their Willington home collapses in slow motion. They are among thousands of residents around central and northeastern Connecticut coping with crumbling...