Advocacy Updates
2025 Legislative Initiatives
Advocacy continues to be rated as a top benefit for CTCPA members, and we're working hard for you at the state Capitol and beyond. Here are this legislative session's top initiatives:
CTCPA Bill to Modernize CPA Licensure and Mobility Laws Passes House and Senate, Awaits Governor's Signature
We have advocated for Connecticut to adopt three flexible pathways to CPA licensure, expanding access to the profession while ensuring continued integrity of the credential. We also pursued an automatic or enhanced mobility model to grant CPAs licensed in other states the privilege to practice here without administrative hurdles.
The proposals were released as Raised Bill 7020, An Act Concerning Certified Public Accountants . The bill passed in the Connecticut House of Representatives with no opposition on April 28 and the Senate on May 29 and will now move to be signed by Governor Lamont.
Reducing CPA Licensing Fee to $100
We urgently need your help reducing Connecticut's CPA licensure fees. Currently set at $565 annually, these fees are nearly five times higher than the national average of $100 and substantially higher than any other state in the Northeast.
The General Law Committee has shown support for lowering CPA licensing fees (Senate Bill 611). However, Governor Lamont has NOT included CPAs, who pay a license fee nearly five times higher than the national average, in his proposal to eliminate licensure fees for certain professions, such as teachers and nurses.
FinCEN Removes Beneficial Ownership Reporting Requirements for U.S. Companies and U.S. Persons, Sets New Deadlines for Foreign Companies
Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.
Connecticut Legislative News
CTCPA Bill to Modernize CPA Licensure and Mobility Laws Passes House and Senate, Awaits Governor's Signature
May 29, 2025
The bill passed in the Connecticut House of Representatives with no opposition on April 28 and the Senate on May 29 and will now move to be signed by Governor Lamont.
CT budget fight hinges on cutting higher ed reserves
May 28, 2025
Lamont challenges lawmakers to tap $1.1 billion that universities stashed away.
Governor Lamont Releases $30 Million for Infrastructure Improvements in 46 Small Towns
May 28, 2025
Governor Ned Lamont today announced that he is releasing $30 million in state grants to 46 small towns in Connecticut that will be used to complete a wide variety of infrastructure improvements, such as road safety reconstruction projects, emergency management upgrades, sidewalk and pedestrian safety enhancements, educational and recreational facility upgrades, and other kinds of capital improvement projects.
House Speaker Floats One-Year Budget Proposal; Lamont Says That Would Be ‘A Mistake’
May 28, 2025
The state legislature is eyeing a fiscal tactic not seen in half a century to deal with state budget uncertainty. House Speaker Matt Ritter, D-Hartford, said Wednesday morning that a one-year budget was “very much in play” and looking “more and more likely.”
CT House approves omnibus housing bill following compromises
May 27, 2025
One GOP lawmaker got a rare unanimous vote against his amendment after trying a unique political tactic.
CT child tax credit still possible as budget talks hit home stretch
May 27, 2025
Leaders hope to offer $150 per child, up to $450 per household.
Federal Legislative News
Financial Accounting Foundation Board of Trustees Seeks Nominations for Governmental Accounting Standards Board (GASB) Member
May 28, 2025
The Financial Accounting Foundation (FAF) Board of Trustees today announced the search for a new member of the Governmental Accounting Standards Board (GASB). The seven-member, part-time Board will have an open seat beginning on July 1, 2026, when Jeff Previdi completes his second term on June 30, 2026.
IRS hotline questions resolved faster in 2025; concern grows about agency’s future
May 28, 2025
A higher percentage of AICPA members got questions answered quickly by the IRS Practitioner Priority Service (PPS) line during the 2025 tax filing season, according to an annual survey, but they have concerns about the future of the IRS.
House passes budget reconciliation bill with changes to tax provisions
May 22, 2025
The House of Representatives approved an amended version of the budget reconciliation bill Thursday morning, sending it to the Senate for consideration. The bill, H.R. 1, known as the One Big Beautiful Bill Act, passed by a vote of 215 in favor, 214 opposed, with one member voting present.
AICPA: Contingent fee provision in tax bill would help unscrupulous tax preparers
May 21, 2025
The AICPA outlined its concerns to Congress about provisions in the tax bill that could hurt the accounting profession, including a section that allows long-debated contingent fees that it described as “an open invitation to unscrupulous tax preparers.”
AICPA protests tax deduction changes for accounting firms
May 19, 2025
The American Institute of CPAs is asking accountants to reach out to their congressional representatives and protest the proposed elimination of the ability of pass-through entities such as accounting firms to deduct state and local taxes.
AICPA and NASBA Approve Model Legislation for New CPA Licensure Path
May 13, 2025
The boards of directors of the American Institute of CPAs (AICPA) and National Association of State Boards of Accountancy (NASBA) have approved expansion of accountancy’s model legislation to include an additional path to CPA licensure. The optional path maintains public protection while providing added flexibility and options for CPA candidates.
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We're working hard for you at the State Capitol - but we can't do it alone. We'd like to thank the CTCPA members who've helped us this legislative session, whether they've written testimony, contacted their legislators, or contributed to our advocacy efforts.