Connecticut Gov. Ned Lamont announced Monday his new two-year budget plan will include the state’s first personal income tax rate reduction since 1996, one of several tax relief proposals he will officially unveil to the General Assembly on Wednesday.
Sworn into office for a second four-year term, Connecticut Gov. Ned Lamont on Wednesday called on state legislators to pass a “meaningful middle class tax cut,” saying it’s time for the state to refocus on economic growth and opportunity
Formed by the state legislature in 2017 and officially disbanded earlier this year, the Commission on Fiscal Stability and Economic Growth – now a collection of private citizens – resurfaced Wednesday, releasing an updated version of its plan for restoring Connecticut’s “competitive edge.”
While corporate tax reform may have been a point of contention earlier this year, it’s inarguable that business owners are seeing the practical effects of this new law.
The corporate tax cut passed by U.S. President Donald Trump and fellow Republicans that was in part designed to help dissuade U.S. companies from moving profits overseas may instead make the practice a lot more rewarding.
What if Congress passed a massive tax bill with scary cutbacks in deductions for homeowners – prompting dire predictions of mass property-value declines – but nothing much happened?
Now that the recently enacted tax reform bill has eliminated the interest deduction for home equity loans, it is hard to predict how the product will perform going forward.
The parent company of Willimantic-based Savings Institute Bank & Trust is looking at a $4 million write-down in the fourth quarter of 2017 as a result of tax reform, the company said in a recent filing.
On the heels of Citizens Bank’s announcement of a distribution of bonuses, two more Connecticut firms are passing money to employees as a result of tax reform.
The National Association of Realtors (NAR) noted improvements made to the tax reform bill approved by Congress last night, but outlined many concerns with the bill headed for the president’s desk as well.
The Senate Appropriations Committee Monday released the chairman’s draft on the fiscal year 2018 financial services and general government appropriations bill, including full funding for the Community Development Financial Institutions Fund, which oversees the New Markets Tax Credit Program.
Sweeping tax reform legislation unveiled by House Republicans Thursday preserved the credit union tax exemption, eliciting cheers from credit union advocacy groups and calls from banking associations advocating for a level playing field.
With the health care bill back-burnered on Capitol Hill, the focus has shifted to tax reform. Among the key financial matters in play: Homeowners’ prized mortgage interest and property tax deductions.
