2015 Update: Changes for Connecticut Taxpayers

Patrick Duffany, JD, CPA, and Milo Peck, and Corey Rosenthal, JD

On June 30, 2015, Connecticut Governor Dannel P. Malloy signed a controversial budget bill that passed the Connecticut House and Senate by narrow margins. The bill received strongly negative reactions from key Connecticut businesses: General Electric, Aetna, Travelers, and Boehringer indicated that they would consider reducing their Connecticut presence or leaving the state if the budget's provisions were not altered. On the same day, Governor Malloy also signed an implementer bill, passed during the special session in June by the Connecticut General Assembly, that eliminated $178 million of the $1.5 billion in tax increases included in the original budget. Subsequent legislation amended further language within the bill.