News

Members of a legislative working group tasked with vetting ideas for eliminating Connecticut’s car tax worried Wednesday about the “political whiplash” that may be caused by shifting the burden of the unpopular tax so soon after recent income tax cuts.

A slate of new laws are being implemented at the beginning of 2024, ranging from a minimum wage increase and income tax cut to early voting requirements and expanded access to contraception.

On September 14th, 2023, the IRS announced a moratorium until at least the end of the year on the acceptance of new ERC claims. This moratorium was implemented due to the number of fraudulent claims being filed across the nation. In total, the IRS has received 3 million ERC claims, and nearly a fifth of all applications received were submitted in the 90 days before the declaration of the moratorium, indicating a large spike in fraudulent filings. Many businesses have been encouraged to apply by “Tax Promoters.” “Tax Promoters” encourage and pressure businesses across the nation to file, often improperly indicating that businesses are eligible to receive a refund. With this in mind, the IRS has implemented a withdrawal process for those who filed for the credit in err.

Nonprofit organizations must submit applications to the state by March 1, 2024.

As the new year begins, Connecticut is set to implement several new laws and regulations that will impact residents across the state. These changes, ranging from voting rights to minimum wage adjustments, reflect evolving priorities and concerns.

Unless a court decides otherwise, former President Donald Trump will remain on Connecticut ballots in 2024, Secretary of the State Stephanie Thomas’s office said this week, days after Colorado’s Supreme Court ordered him removed from that state’s primary ballots.

The Connecticut Supreme Court, last week, upheld the constitutionality of a local property tax on vehicles registered to a business in Massachusetts.

The median age in Connecticut was 40.9 in 2022, making it the seventh-oldest state in the country, according to Census Bureau estimates released this 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.

Although a Vermont-based college flunked Connecticut on Monday in an annual report card on financial literacy instruction for high school students, a bill passed this year puts the state on track to receive an A by 2027.

Connecticut’s expected General Fund surplus shrank for the fourth month in a row, according to a Friday fiscal update by Comptroller Sean Scanlon, who projected the state would end the 2024 fiscal year with $153.9 million in black ink.

With choreographed expressions of contrition and determination, Gov. Ned Lamont and Democratic legislative leaders acknowledged Tuesday their failure to make a convincing case for phasing out sales of new gasoline-powered vehicles by 2035 and pledged to quickly find a new path forward.

New projections show that CT’s revenues will grow faster than fixed costs through 2028

Connecticut has achieved a significant milestone in its economic recovery from the pandemic, with the latest jobs report indicating a robust increase in employment and a stable low unemployment rate. The Connecticut Department of Labor released the October jobs report, revealing that the state added an estimated 3,700 jobs last month. Additionally, September’s job estimates were revised to show an increase of 3,700 jobs, marking a consistent growth in the labor market.

Associations representing Connecticut municipalities expressed skepticism this week of an effort to eliminate the state’s car tax, a deeply unpopular but reliable source of critical revenue for towns and cities.

Governor Ned Lamont today announced that businesses in Connecticut will receive a nearly 10% decrease in rates for workers’ compensation insurance beginning on January 1, 2024. The Connecticut Insurance Department has approved an annual workers’ compensation rate filing for 2024 with a decrease of 9.8% to voluntary market loss costs and a decrease of 10.5% in assigned risk plan rates.

New report projects $460 million in revenue erosion over two years, but budget surpluses are still expected.

Gov. Ned Lamont’s choice to oversee economic development in Connecticut is Daniel H. O’Keefe, who left the technology investment world earlier this year and talked himself into a job as the state’s first chief innovation officer.

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.

New report expected to show finances remain balanced, but days of huge surpluses are over for now