News

Analysis fuels advocates for new CT income tax break for families.

For the first time in decades, a Connecticut House speaker will get a third term. And a fourth term is not off the table.

Pay for state lawmakers in Connecticut will increase by 4.5% in each year of the two-year term that begins on Jan. 8 under a provision of the pay-raise bill that sped through the General Assembly two years ago.

Eight of the 26 existing joint committees of the Connecticut General Assembly will be getting new House co-chairs when the 2025 session opens on Jan. 8, a 27th committee will be created, and the jurisdiction of other panels will be revised.

State Republican lawmakers say a recent survey showing nearly 40% of adults in Connecticut are struggling financially should be “a wake-up call to all state Democrats.” Democrats, however, stress that now is the time to come together across party lines to respond to the needs of Connecticut families.

State also announces milestones for pension debt reduction.

Governor Ned Lamont, Comptroller Sean Scanlon, and Treasurer Erick Russell today are highlighting the release of two reports detailing the significant improvements made in recent years to strengthen the long-term health of Connecticut’s pension funds for retired state workers.

State will collect another $1.3 billion next year, but lawmakers can’t spend it.

Governor Ned Lamont today announced that the ongoing trend of decreasing rates in workers’ compensation insurance will result in Connecticut businesses receiving a 6% rate decrease beginning January 1, 2025.

On July 31, 2024, Massachusetts Governor Maura Healey signed the Frances Perkins Workplace Equity Act into law aiming to improve pay transparency and curb wage disparities. Massachusetts is the 5th state to pass pay transparency legislation in 2024 joining Hawaii, Illinois, Maryland, Minnesota, and Vermont. This trend began in 2019 with Colorado. Since then, California, Connecticut, Maryland, Nevada, New York, Rhode Island, and Washington have all passed similar measures.

The governor reversed his pledge to spare higher education from efficiency cuts.

A number of Connecticut municipalities listed below are scheduled to conduct real property revaluations effective October 1, 2024. Learn more from Pullman & Comley LLC >>

At the recent AICPA Fall Council meeting, Mark Peterson, Executive Vice President - Advocacy, energized attendees with a comprehensive update on the current legislative, regulatory, and political landscape.

Connecticut companies will soon have an added incentive to offer student loan repayment benefits to employees.

This publication has been updated to address the guidance issued by the Internal Revenue Service (IRS) relative to the victims of severe storms and flooding in Connecticut and New York. In recognition of the recent IRS guidance, the Commissioner of Revenue Services will exercise the authority provided him under Conn. Gen. Stat.§ 12-2(a)(5) on a case-by-case basis and the Department of Revenue Services (DRS) will consider requests for relief from penalty and interest that would otherwise accrue on late filings and payments after September 30, 2024.

Businesses with 5 or more employees who do not offer a retirement plan and have been in business since January 1, 2023 are required to either register and enroll employees in MyCTSavings, or provide another qualified retirement plan. Once enrolled, employees have the option to opt-out, stay with the standard Roth IRA, or customize a Roth IRA by setting the deduction percentage and choosing from several fund options.

Pete Gioia, the former longtime economist of the Connecticut Business & Industry Association, has died, according to CBIA President and CEO Chris DiPentima.

On May 28, 2024, Governor Ned Lamont signed legislation expanding Connecticut’s 2011 Sick Leave Law. The new legislation is effective on January 1st, 2025. The law covers more employees, expands the reasons under which employees may use paid sick leave, and reduces the required hours to accrue paid sick leave.

Next Gen Personal Finance, CT Financial Scholars provide professional development to help schools meet new requirements.

FEMA announced today that federal disaster assistance is available to the state of Connecticut to supplement response efforts due to emergency conditions resulting from severe storms, flooding, landslides and mudslides beginning on Aug. 18, 2024, and continuing.