Connecticut can’t print money like Washington, but it has many options to shield its economy from the coronavirus crisis.
A federal court has dismissed a lawsuit seeking to overturn the limit on the deductibility of state and local income taxes on federal returns.
A Connecticut Conference of Municipalities report highlighting rising property taxes across much of the state contained a major factual error, CCM announced Tuesday. But while Monday’s report exaggerated the total number of communities that raised property taxes, its conclusion — that roughly 60% of municipalities not experiencing revaluation raised taxes in 2019 — was accurate.
Nearly 60% of CT cities and towns increased property taxes this year, with most of those tax hikes outpacing the rate of inflation.
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.
WASHINGTON – “Blue” states like Connecticut that say they were targeted in the GOP’s federal tax overhaul are looking for ways to protect their residents from the negative impact of the new cap on the deductibility of state and local taxes.
As a historic overhaul of the nation’s tax code nears the finish line, Connecticut taxpayers have deluged their accountants with questions over its impact on their households or businesses. In this Sunday conversation, Andrew Lattimer, a certified public accountant and tax specialist at the West Hartford office of BlumShapiro, explains how the new tax plan would affect Connecticut taxpayers.
WASHINGTON — As House and Senate negotiators of a final tax bill worked to finish the plan Thursday, changes were made that could help Connecticut homeowners and students. A final bill would allow greater deductibililty of state and property taxers and restores some tax breaks for students lost in earlier versions of the bill.
WASHINGTON — Connecticut’s accountants are frustrated that they can give clients only limited advice about a massive federal tax overhaul underway in Congress, but predict there will be more losers than winners among individual taxpayers in the state.
WASHINGTON — The Senate early Saturday passed a sweeping overhaul of the federal tax code that would end the deductibility of state income taxes and eliminate other popular tax breaks while lowering tax rates for individuals and corporations.
WASHINGTON – The Senate decided to go its own way in overhauling the nation’s tax code, and it’s plan would have a different impact on Connecticut taxpayers than a similar House bill. One big change is that Connecticut homeowners would no longer be able to deduct their property taxes on their federal returns.
The leaders of the House and Senate Democratic majorities gave up Wednesday on adopting a new state budget before the legislature’s constitutional adjournment deadline of midnight, instead scheduling a special session for next week to finish its business for 2016.
To help our cities create jobs, Connecticut must reform property taxes. It’s no coincidence that unemployment is highest in our cities where property taxes are highest.
General Electric and other major corporations have demanded these changes while threatening to leave our state. But the General Assembly shouldn’t do GE’s bidding. They should build on this year’s progress instead. To help everyone, including GE (despite what they say), the General Assembly should continue with property tax reform.
The Connecticut Conference of Municipalities strongly supports legislative efforts to reduce property tax reliance. We are appreciative that Gov. Dannel Malloy and legislative leaders have demonstrated their commitment toward finally addressing this outdated and overly burdensome tax system. The story, however, does not end there. Lost in the debate are details of significance to our local communities.