News

DRS Commissioner's Column: August 2021

August 18, 2021

Here's what's happening at the DRS, right from DRS Commissioner Mark Boughton.

  • state tax
  • advocacy - state

New Record Retention Requirements for Connecticut CPAs

August 18, 2021

The bill requires CPAs to keep work product and workpaper related to work for a client for at least seven years after creation unless the law requires a longer retention. Current law only specifies that CPAs must retain workpaper as required by law.

  • accounting and auditing
  • practice management
  • advocacy - state

Governor Lamont Announces Connecticut’s Earned Income Tax Credit Increasing to 30.5% Under Newly Enacted State Budget

August 17, 2021

Governor Ned Lamont today announced that thousands of low-to-moderate income working individuals and families in Connecticut will see a significantly larger state tax refund as the Connecticut Earned Income Tax Credit is scheduled to increase from its most recent rate of 23% of the federal credit to 30.5% this year.

  • advocacy - state

Back-To-Work Program Hits Halfway Mark

August 10, 2021

A state program that offers unemployed individuals up to $1,000 for finding a job has received 5,400 applications, at an average of about 25-50 per day.

  • coronavirus
  • advocacy - state

Interview: AdvanceCT Makes Business Rankings a Priority for Connecticut

August 09, 2021

Connecticut has been making strides to improve its business-friendliness ranking and is inching its way up with the help of a public-private partnership.

  • advocacy - state

CT’s budget picture is rosy now. Did Lamont create it — or did he inherit it?

August 08, 2021

Since he took office 2 1/2 years ago, Gov. Ned Lamont has watched the cash pour into Connecticut’s coffers. Even a coronavirus-induced recession couldn’t stop analysts from forecasting big surpluses for the next two years. But much of that good fortune is due to a tax system and other policies Lamont inherited.

  • advocacy - state

Baker says Mass. is different as other states impose COVID-19 protocols

July 30, 2021

Many in Massachusetts are waiting with bated breath to see whether Governor Charlie Baker will make any coronavirus-related policy changes following new federal guidance this week surrounding mask-wearing.

  • coronavirus
  • advocacy - state

Governor Lamont Announces Aflac Selected as Claims Administrator for Paid Leave Program, Company Will Bring 150 Jobs to New Offices in Windsor

July 30, 2021

As claims administrator, Aflac will accept applications, determine eligibility, and administer benefits for paid leave. Individuals will have flexible options to submit applications for paid leave, either online, by email, or by calling directly into a customer care advocate.

  • business and industry
  • practice management
  • advocacy - state

CT officials forecast $55M in annual cannabis tax revenue by FY '26

July 28, 2021

Connecticut's Office of Fiscal Analysis is projecting the state's cannabis industry will generate $20.4 million in tax revenue in its first full year of operation, and over $55 million in its fourth year.

  • advocacy - state
  • federal tax

Governor Lamont Reminds Residents That Connecticut’s Minimum Wage Is Scheduled To Increase on Sunday

July 28, 2021

Governor Ned Lamont is reminding Connecticut residents that – as a result of legislation he enacted two years ago scheduling several increases in the minimum wage over a five-year period – the minimum wage in the state will increase from the current rate of $12.00 per hour to $13.00 per hour beginning on Sunday, August 1, 2021.

  • advocacy - state

CT reviewing CDC mask guidance for K-12 schools

July 27, 2021

Updated guidance released by the Centers for Disease Control and Prevention on Tuesday urging mask-wearing in schools did not prompt Gov. Ned Lamont to make any immediate decisions about what will be in store for kids and teachers returning this fall.

  • coronavirus
  • advocacy - state

Fat budget surplus may be even larger than Connecticut legislators expected. Wall Street earnings fuel tax revenue surge.

July 27, 2021

When lawmakers adopted a new, two-year state budget in early June, some observers blinked at the unprecedented, $2.3 billion surplus built into the package.

  • advocacy - state

CT Bond Commission considers $20M for Manufacturing Innovation Fund

July 22, 2021

Connecticut's state Bonding Commission could vote tomorrow on whether to direct $20 million in bond funding to the Manufacturing Innovation Fund, which underwrites key manufacturing industry programs.

  • business and industry
  • advocacy - state

DRS Issues State Tax Developments Alert from the 2021 Legislative Session

July 21, 2021

The following is an overview of legislation passed during the 2021 Regular Session and June Special Session affecting state taxes.

  • state tax
  • advocacy - state

Mass. cannabis regulator: CT should take its time in starting adult-use sales

July 21, 2021

The Commissioner of Massachusetts' Cannabis Control Commission said Connecticut should take its time in standing up a legal recreational cannabis market, partly to ensure the market isn't dominated by large players.

  • advocacy - state

CSCU to forgive $17 million in community college student debt

July 20, 2021

The Connecticut State Colleges and University system announced Tuesday it will forgive $17 million in community college student debt accrued during the pandemic.

  • advocacy - state

Lamont Cautious About Jump In COVID Numbers

July 20, 2021

Despite a recent increase in Connecticut’s COVID-19 positivity rate, Gov. Ned Lamont said Tuesday he was reluctant to renew any of the pandemic-inspired public health orders he lifted in May.

  • coronavirus
  • advocacy - state

Anxiety Builds Over Masks In Schools This Fall

July 19, 2021

Parents and school administrators in Connecticut are waiting on the state to signal whether it will require students who are not vaccinated against the coronavirus to wear masks in classrooms during the coming school year.

  • coronavirus
  • advocacy - state

Lamont gives 7.5% raises to managers, matching 2017 union deal

July 15, 2021

Bracing for a coming wave of managerial retirements, Gov. Ned Lamont is giving the same 7.5% raises to non-unionized managers that union members received over the past four years under a 2017 contract.

  • advocacy - state

Lembo: Extra pension payments mean big savings now — and down the road

July 15, 2021

While Connecticut wiped out $1.25 billion of its massive, long-term pension debt this month, it still has decades to go to cover the remainder — nearly $40 billion.

  • advocacy - state