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The House adjourned Sine Die on June 27 after passing Emergency Certified Senate Bill 501 in concurrence with the Senate. The bill was immediately transmitted to the Governor, who has said he will sign it. As a reminder, although the main impetus for special session was to address a flaw with the property tax for commercial vehicles, the bill became omnibus legislation impacting a number of different areas.

A bill to spur growth in the FinTech industry was part of the omnibus legislation passed by both the Senate and House during special sessions on Wednesday and Thursday.

Annual savings projected to top $800 million through 2028, even as core programs face crises.

As the state Senate met in special session on Wednesday to pass legislation to tie up loose ends from this year’s regular session, Republican senators took issue with a provision that would allow a Connecticut water utility to bid on the sale of another water utility.

Car taxes would be assessed differently, and at a different starting rate, after the Senate passed an omnibus bill that included language to fix a 2022 law during its special session Wednesday.

With no grand announcement, Connecticut quietly expanded employee’s paid sick time benefits. The bill greatly expands the law’s reach.

The governor and the leaders of the Senate and the House have announced a 10-item agenda for the first of two special sessions, starting Wednesday.

Study finds CT has reduced some racial inequities in recent years.

The Senate Wednesday passed a bill to regulate artificial intelligence after a passionate debate over whether the rules will protect state residents from the kind of dangers the internet has brought or become unbearable burdens to businesses and stifle innovation.

The Connecticut General Assembly’s General Law Committee held a wide ranging public hearing on Thursday to explore the potential impacts, both good and bad, of artificial intelligence on a host of issues of interest to the state.

Connecticut needs a more equitable tax code and to depend less on property taxes, state lawmakers said at a news conference Wednesday morning at the Legislative Office Building.

Plan would leave CT budget $100 million over spending cap.

Connecticut Governor Ned Lamont signed a new law that expands the circumstances in which workers can use state-mandated paid sick leave, effective October 1, 2023. The Connecticut Paid Sick Leave Law, originally passed in 2012, provides “service workers” with certain leave entitlements, including paid sick leave. This leave accrues at a rate of one hour for every 40 hours worked, up to a maximum accrual of 40 hours per year. The law also requires service workers be permitted to roll over at least 40 hours of accrued, unused paid sick leave per calendar year.

Effective Jan. 1, 2024, an employee’s receipt of severance pay will now result in disqualification from receiving unemployment compensation benefits for the period of time covered by the payment.

The average small business loan interest rates range from 5% to more than 11%. High-interest rates and limitations on traditional loans can impede small business owners’ ability to borrow money to reinvest in or expand their businesses. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services. Supported by the Connecticut Department of Economic & Community Development (DECD), the Connecticut Small Business Boost Fund is focused on helping small businesses and nonprofits thrive. This low interest, fixed 4.5%, loan program provides access to flexible funding for capital expenditures and working capital and connects business owners with free support services.

CT repaid $1.2 B borrowed during pandemic to pay jobless benefits.

Connecticut has passed four directives regarding CPA Exam credit retention.

Mark Boughton, commissioner of the state Department of Revenue Services, described a new effort to formulate CT's first-ever long-term tax strategy recently at a forum in Hartford sponsored by the Yankee Institute.

For Connecticut Public Charity registrations originally due after July 1, 2023, Connecticut Public Acts 23-99 and P.A. 23-98, effectively raise the audit threshold for charitable organizations (subject to registration) to gross revenues greater than $1,000,000 and allows for an audit or review for organizations with gross revenues between $500,001 and $1,000,000. Gross revenue is calculated excluding grants or fees from government agencies or revenue from funds held in trust for the benefit of the organization. Public Acts 23-98 and 99 state that, “For a financial statement [i.e., a charitable registration] that is initially due after July 1, 2023, a charitable organization shall include with the charitable organization's financial statement (A) an attestation that an audit report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of one million dollars in the year covered by such report, or (B) an attestation that an audit or review report has been completed by a certified public accountant if the charitable organization had gross revenue in excess of five hundred thousand dollars but not more than one million dollars in the year covered by such report.” With the law effective July 1, 2023, the new provision generally applies to each Connecticut charitable organization subject to registration with a fiscal year ending August 31, 2022 or later. CPAs should consider alerting their not-for-profit clients of the new requirements. The chart below refers to the financial documents required for renewal applications.

This spring the National Association of State Boards of Accountancy (NASBA) announced an amendment to the Uniform Accountancy Act Model Rules that extends the CPA Exam testing window from 18 months to 30 months. This means that individuals will now have 30 months from receiving their first CPA Exam section passing score to successfully pass the remaining sections.