Comptroller Kevin P. Lembo says the agreement preserves the tax exempt status of the state pension fund.
IRS
Posted inMoney
Larson, Tong tackling nursing home attempts to seize resident’s stimulus checks
The Trump administration has warned long-term care facilities they can be prosecuted if they seize the payments.
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CT lawmakers win feud with IRS over seniors’ coronavirus stimulus checks
The Treasury Department reversed itself on requiring low-income seniors to file tax returns to receive $1,200 stimulus checks.
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When will you get that stimulus check and how big will it be?
Most will receive $1,200 checks, but those who don’t file taxes or make too much money will be locked out.
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Churches, nonprofits win repeal of federal tax
Connecticut lawmakers backed efforts to repeal a 21% tax imposed on parking and transportation benefits for employees of churches and other nonprofits.
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Connecticut files lawsuit to preserve federal tax workaround
Connecticut filed another lawsuit Wednesday in its battle against federal income tax limits aimed primarily at those states that voted against President Trump in 2016.
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House Dems press for end to SALT deduction cap
Democrats say the cap on the deductibility of SALT taxes hurts middle-class Americans. The GOP says it only affects the rich.
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SALT cap to hurt some CT taxpayers, while others benefit from GOP tax law
WASHINGTON — Connecticut’s accountants are bracing to deliver bad news to clients this tax season because of new federal tax overhaul.
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End to federal shutdown elusive, impact will grow in CT
Terence Ward has worked for the U.S. Justice Department for 28 years and plans to continue to do so, but after next Friday, he and all 22 employees of the federal public defender’s office in the state will work without pay if the government shutdown continues. Ward is one of about 1,500 federal employees in the state affected by the shutdown, which isn’t likely to end soon and whose impact in Connecticut will grow with time.
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Connecticut’s attempt to safeguard federal deductions may draw IRS heat
WASHINGTON – Fairfield First Selectman Mike Tetreau hopes to take advantage of a new state law aimed at blunting the impact on his town’s residents of a new cap on certain federal tax deductions. But the bold step the state has taken may face push-back from the IRS.
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CT will use ammo from ‘red’ states to fight IRS over tax plan
WASHINGTON — Connecticut’s bid to do an end run around the limits on the deductibility of state and local taxes under the new federal law is likely to engender a new clash with the Trump administration, but it’s also based on precedent and law.
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Budget deal would rescue Newman’s Own from tax problem
WASHINGTON — A massive budget agreement headed for a vote in the Senate contains a provision that would save Newman’s Own from a thorny tax problem that threatens Paul Newman’s iconic food company. “This is not a tax break for Newman’s Own. It is simply legislative permission for us to continue to exist…,” said Bob Forrester, president and CEO of the Newman’s Own Foundation.
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IRS extends tax break for crumbling foundation repair costs
WASHINGTON – In a new decision, the Internal Revenue Service will allow Connecticut homeowners with crumbling foundations to take a federal tax deduction for the cost of any repair made before 2021. The campaign for the tax break was spearheaded by Reps. John Larson, D-1st District, and Joe Courtney, D-2nd District, last year.
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Tax bill glitch endangers future of Newman’s Own and actor’s foundation
WASHINGTON — The Westport-based Newman’s Own Foundation was on the verge of securing a provision in the federal tax overhaul that would have spared it from an unusual 200 percent tax hike it is facing, when the Senate parliamentarian forced lawmakers to strip it out of the massive bill. That decision could result in the sale of late actor Paul Newman’s food company and significantly damage the foundation’s ability to continue to fund charities.
Posted inPolitics
CT nonprofits fear GOP tax overhaul will reduce charitable giving
WASHINGTON — Both the tax bill the Senate hopes to vote on this week and a House-passed tax overhaul would keep the popular charitable deduction, but Connecticut non-profits say the legislation still would shrink American help to those in need.