Capitol Corner

We've got our eye on happenings at the Capitol! If state or federal legislation or accounting standards activity will affect you, your company, or your clients, we'll keep you updated here.

Read the full text of Governor Dannel Malloy's final State of the State address.


Get updates on bills of specific interest to Connecticut CPAs.  
Find your legislators in our Advocacy Action Center.
         
Keep your eye on local elections:
CT News Junkie Voter Guide
  Not a CTCPA member?  Join today to receive even more legislative and regulatory news straight to your inbox!
   

State News

CTCPA Stops CPA Services from Being Boxed Out of Property Assessment Appeals, Certain Valuation Services
Senate Bill 182, “An Act Concerning Municipal Tax Appeals and Contingency Agreements," was a bill that would've curtailed who could represent clientele in the municipal valuation process where real property was concerned. Some municipalities were frustrated by non-CPA “boutique” firms consistently filing multiple commercial property tax appeals.
Session winds down, candidates wind up
The Connecticut General Assembly ended its 2018 session on schedule Wednesday by passing a $20.86 billion budget that restores aid for towns; reverses health care cuts for the elderly, poor and disabled; and defers a transportation crisis for another year. The new spending blueprint took advantage of surging and unanticipated tax revenues, but is projected by analysts to run a $2 billion deficit in 2019 and a larger one the year after that.
Better Late Than Never? Speaker, Gov. Say Plan for Special Session
Just days after the Connecticut General Assembly failed to pass legislation that would have allowed the state to legalize sports gambling, the U.S. Supreme Court cleared the way for states to do just that. In a decision released Monday, Supreme Court Justice Samuel Alito wrote, “Congress can regulate sports gambling directly, but if it elects not to do so, each state is free to act on its own.”
Mary Glassman edges Jahana Hayes for CT-5 endorsement
On a wild series of vote switches Monday night, former First Selectman Mary Glassman of Simsbury edged Jahana Hayes, the charismatic newcomer encouraged to run by U.S. Sen. Chris Murphy, to win the Democratic endorsement for Congress in Connecticut’s most competitive district, the 5th. Glassman, 59, and Hayes, 45, will face off in a primary in August. Hayes appeared to win by a single vote on the second ballot, but vote-switching dropped them into a tie and then yielded a 173-to-167 win...
From Bump Stocks To Tolls: Did Connecticut Lawmakers Pass These 14 Major Bills?
The short legislative session in election years is ostensibly about making budget adjustments, but lawmakers find plenty of time to debate many other issues — some that have a fiscal impact and others that don’t. There were discussions about stricter gun laws, expanding gambling, legalizing marijuana, establishing electronic tolls and even changing the way Connecticut awards its seven electoral votes.

More >

Accounting Standards and Regulations

Better Late Than Never? Speaker, Gov. Say Plan for Special Session
Just days after the Connecticut General Assembly failed to pass legislation that would have allowed the state to legalize sports gambling, the U.S. Supreme Court cleared the way for states to do just that. In a decision released Monday,...
Kevin Sullivan, one of Malloy’s original appointees, to leave DRS
Kevin Sullivan, the commissioner of revenue services since Gov. Dannel P Malloy took office in January 2011, will step down for a private-sector job on May 10, the day after the General Assembly adjourns its regular session for 2018. Malloy...
Finance Committee Moves To Delay Bond Covenant
The Finance, Revenue, and Bonding Committee approved a bill Thursday that will delay implementation of what many are referring to as the “bond lock.” The 26-25 party line vote, which involved some Democratic members switching their votes...
Bill that could establish tolls clears second committee
The legislature’s Finance, Revenue and Bonding Committee narrowly approved a measure Thursday that could establish electronic tolling on Connecticut’s highways. But despite the committee’s vote of approval, advocates conceded the bill’s fate...
Fiscal stability plan must proceed at a slower pace
Acknowledging that legislators are unlikely this spring to enact their complete, multi-tiered plan to stabilize Connecticut’s finances, the leaders of a key state panel have agreed to pursue a piecemeal approach — for now. But the principals...

More >

 

Federal News

Trump Tracker! Surgent's Trump Tracker, inspired by The New York Times, tracks the status of all changes proposed by President Trump that could affect CPAs and their clients in a user-friendly format that makes it clear where a change currently stands.

Blumenthal, Murphy Seek Relief For Crumbling Concrete
Senators Richard Blumenthal and Chris Murphy introduced legislation this week aimed at providing up to $100 million in federal assistance to help homeowners and businesses whose homes and buildings suffer from crumbling foundations. The Connecticut tandem put two bills into the hopper that provide two separate ways for the $100 million to be authorized over a five year period.
Newly revised estimated tax form and publication can help people pay the right amount
With tax reform bringing major changes for the year ahead, the Internal Revenue Service today reminded the many self-employed individuals, retirees, investors and others who need to pay their taxes quarterly that the first estimated tax payment for 2018 is due on Tuesday, April 17, 2018.
Omnibus spending bill has millions to strengthen CT voting system against cyber attacks
The massive omnibus spending bill President Donald Trump signed into law Friday contains $380 million — including up to $5 million for Connecticut – to protect digital voting systems from cyberattacks.
Malloy backs higher minimum wage, hedging on how high
Gov. Dannel P. Malloy and Democratic legislators on Thursday outlined similar agendas for the remaining nine weeks of the 2018 legislative session: Pay equity, expanded sick time and other workplace issues largely directed toward women, a constituency that polls indicate has further tilted toward Democrats since the election of President Trump.
Updated Withholding Calculator, Form W-4 Released
The Internal Revenue Service today released an updated Withholding Calculator on IRS.gov and a new version of Form W-4 to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December. The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks.

More >