Connecticut State & Local Tax Alert

Your source for Connecticut SALT updates

There has been some new significant activity relating to Connecticut’s Pass-Through Entity Tax. First, the Connecticut Senate and House have adopted and sent to the Governor for signature a 2019 Budget Bill. One of the provisions in the Budget Bill would reduce the amount of the personal income tax credit that is currently available to members, partners, and shareholders for their share of the Pass-Through Entity Tax that is paid by the pass-through entity. The…
Connecticut is one of many states that imposes a corporate income tax on the unrelated business taxable income of tax-exempt organizations. Tax-exempt organizations subject to this tax include charitable organizations, social welfare organizations, business leagues, trade associations, and social clubs. Unrelated business taxable income is income from a regularly-carried on trade or business activity of a tax-exempt organization that is unrelated to the organization’s tax-exempt purpose. The Connecticut tax rate is equal to the corporate…
Shipman & Goodwin tax attorneys David Bigger and Robert Day III will be presenting the session “2019 Connecticut Tax Developments” at the Connecticut Tax Conference hosted by the Connecticut Business & Industry Association (CBIA). For more information, please click here. When: June 11, 2019, 8:30 AM – 11:30 AM EDT Where: Sheraton Hartford South Hotel 100 Capital Blvd Rocky Hill, CT 06037…
Don’t forget to register for this upcoming event! Join Shipman & Goodwin tax attorneys Louis Schatz and David Bigger for this complimentary webinar reviewing significant issues that the IRS addressed in the new Opportunity Zones regulations and the impact that the new set of regulations will have on Opportunity Zone investments, both from an investor and a developer perspective. When: May 30, 2019, 12:00 PM – 1:00 PM EDT Where: Webinar REGISTER NOW!
On May 1, 2019 the Connecticut General Assembly’s Joint Committee on Finance, Revenue and Bonding approved and sent to the Senate, Substitute Bill 877 (the “Bill”). Although the Bill will likely be amended prior to its adoption by the Senate and the House, the Bill represents the first significant piece of proposed tax legislation that has cleared the Finance, Revenue and Bonding Committee this legislative session. The Bill contains a number of changes to Connecticut’s…
With less than three weeks left in the regular session of the Connecticut legislature, two bills that are pending and awaiting further action by the legislature, if signed into law, would represent tax relief for Connecticut taxpayers who are paying for the care of their relatives in need of long-term/home health care, or who have decided to purchase long-term care insurance for themselves. House Bill 7071 would establish a new state income tax deduction from…
Assisting employees who are struggling with student loan debt is an emerging priority for many employers.  Following the Internal Revenue Service’s release in August 2018 of a private letter ruling, widely thought to have been requested by Abbott Laboratories, that permits the employer to “match” student loan repayments in the company’s 401(k) plan, there have been bills introduced in Congress that would allow employers to give their employees money pre-tax to ease their student loan…
Join Shipman & Goodwin tax attorneys Louis Schatz and David Bigger for this complimentary webinar reviewing significant issues that the IRS addressed in the new Opportunity Zones regulations and the impact that the new set of regulations will have on Opportunity Zone investments, both from an investor and a developer perspective. When: May 30, 2019, 12:00 PM – 1:00 PM EDT Where: Webinar REGISTER NOW!
Shipman & Goodwin attorney Richard Cohen will be a speaker at the “Employee Benefit Plans Conference” presented by the Connecticut Society of CPAs.  He will present the session “Legal Issues facing Qualified Retirement Plans and Plan Sponsors in 2019.” For more information, please click here. When: May 16, 2019, 8:30 AM – 4:30 PM EDT Where: CTCPA Education Center 716 Brook Street, Suite 100 Rocky Hill, CT 06067…