Checking in with Connecticut State Government at 2-7-12

Checking in with Connecticut State Government at 2-7-12:

Executive Branch:

Gov. Malloy Proposes Eliminating 25 State Boards and Commissions to Reduce Overlap, Shrink Government

Gov. Malloy Proposes to Enhance Education Profession Gov. Malloy Welcomes Restoration of State Crime Lab's Accreditation Gov. Malloy: Public Schools of Choice Must be an Integral Partner in Reaching Hard-to-Serve Student Populations Legislative Branch: Awaiting the Short Session which begins tomorrow: 2012 Regular Session Convenes: February 8, 2012 Adjourns: May 9, 2012 Session Scheduling Rules Judicial Branch: Common Legal Words Wills & Trusts: Understanding Trusts: A Look at Living Trusts and Other Trusts The Probate Court and You Comptroller: COMPTROLLER LEMBO SAYS REVENUE DECLINE POSITIONS STATE FOR $73.6-MILLION DEFICIT Monthly Letter to the Governor dated February 1, 2012 CAFR Revised 2011 Index to Schedules http://www.osc.ct.gov/reports/monthly/2011/fye11/index.html DCarsonCPA.com your CPA Services and Advisory Solution Set working to connect the line on Government, Industry, Business, Non Profit and Indiivual Financials a line that meets at the corresponding intersections of Accounting, Taxation, Reporting and Compliance. We care about your Business, Our Families, and the Financial Future we All share. We hope to not only support you on Services, but also to better connect you to the key Rules and Regulations that influence Finances and the Quality of Life Standards that we All share. Understanding Rules and Events that impact broad areas is an opportunity to carry additional value and help us all better be a part of Our Government at the various levels.  It also helps to know where to go when you have specialized needs on Business, Non Profit or Individual Finances.

Guide To Connecticut State Legislature

Your Guide to the Connecticut State Legislature:


Guide





DCarsonCPA.com your Solution Set on CPA Services and Advisory connecting the line on Government, Industry, Business, Non Profit and Individual Decision Making for Decision Makers. Here for you on Services.

Checking in with Connecticut State Government at 1/23/12

Checking in with State Government at 1/23/12:

Apologies for the Graphics on this one but we wanted to keep the run date timely.

From Governor Malloy's Office:

Gov. Malloy Unveils Pension Proposal That Will Save Taxpayers Nearly $6 Billion Over Twenty Years OPM Secretary Benjamin Barnes Statement on Moody's Rating Change Governor Malloy Accepts Invitation to Participate in World Economic Forum in Davos, Switzerland Gov. Malloy Launches Effort to Revitalize the Capital Region Gov. Malloy Nominates Six to Fill Vacancies on Superior Court Connecticut General Assembly: 2012 Regular Session Convenes: February 8, 2012 Adjourns: May 9, 2012 Connecticut Legislative Guide: http://www.cga.ct.gov/olm/guides/guide/Guide.pdf A Guide for Reaching State Legislators and Testifying at Hearings      Judicial Branch: Latest News and Updates 01/20--Letter Submitting Final Plan re: In re Petition of Reapportionment Commission, Ex. Rel. 01/18--Comments: In re Petition Reapportionment 01/17--Press Advisory: Judicial Branch Now Using Twitter 01/13--Special Master's Draft Report and Congressional District Plan From State Comptroller Lembo: COMPTROLLER LEMBO STATEMENT ON TAX EXPENDITURE TASK FORCE Treasurer Denise L. Nappier and Comptroller Kevin Lembo Modernize Payment Delivery System For State Grants and Loans COMPTROLLER LEMBO SAYS PROJECTED $83.7 MILLION SURPLUS COMES WITH RISK FACTORS DCarsonCPA.com your CPA and Advisory Services Solution Set with Strong Family Roots in Connecticut. We connect the line on Government, Industry, Business, Non Profit and Individual Financial Decision Making to better support Decision Makers like you and value the opportunity to support you on Client Services.

Connecticut Updates - Welcoming Home Marines, Reviewing the Effectiveness of Business Tax Credits, How Bills Become Laws in Connecticut and more.

1/14/12 A Look at some recent developments in Connecticut State Government:

From the Executive Branch:

Gov. Malloy, Lt. Gov. Wyman Welcome Marines Home from Afghanistan

Gov. Malloy Forms Taskforce to Review and Assess Effectiveness of State's Business Tax Credits

Gov. Malloy: Updating "Blue Laws" Will Make Connecticut More Competitive and Benefit Consumers

Gov. Malloy Partially Activates State Emergency Operations Center


From the Connecticut General Assembly:

Enactment of Bills http://www.cga.ct.gov/hco/eob.htm

Guide to Testifying at Public Hearings

http://www.cga.ct.gov/asp/Content/YourVoice.asp

How a Bill Becomes a Law in Connecticut:


How a Bill Becomes a Law in Connecticut


Form the Judicial Branch in Connecticut:

The Role of the Courts - http://jud.state.ct.us/ystday/role.html

Connecticut's Courts :



Connecticut Courts




DCarsonCPA.com your CPA and Advisory Services Solution Set here for Business, Non Profits and Individuals on Accounting, Taxes, Advisory, Analysis, Compliance and more. Connecting the Line on Government, Industry, Business, Non Profit and Individual Financial Decision Making for Decision Makers.

Checking in for 2012 - What's new in 2012 so far.

Checking in for 2012 - Actually we have been with you on twitter at DCarsonCPA_CT but had to take some extra time to work on year end clean up. Currently we are getting ready for the 2011 Tax season and are here for you on Accounting, Taxes, Advisory and more for Business, Non Profits and Individuals.

On the National level there is a lot going on with the Elections and the Primaries and we hope that 2012 will be a year of improvement but so far the indicators look like the path ahead will be slow moving. For us that just means that we need to work harder to get the message out on services. Our Solution set is streamlined for times like these. There's alot we can accomplish for your Business, Taxes and Financials with virtual support and onsite visits to help you get the information and reporting you need.

If your Business is facing current challenges on the Accounting or Tax fronts -  reach out to us by following Our Business contact information at www.dcarsoncpa.com and we will find a way to get you the help you need. DCarsonCPA.com is here to assist you on CPA Services and Consulting and while we share with you information on Accounting, Taxes, Government and more, remember that when you need help on CPA Services and Advisory Services we are here to support Clients. Our Expertise is built on 16 + years of Financial Services and General Expertise with Hands on Ownership of Financials and the additional research skills that can help where you are.

Meeting you at the Intersection of  your Financials and the guiding Standards and Rules that lead Accounting, Taxation and Compliance and connect Government, Industry, Business, Non Profits and Individuals - call on dcarsoncpa.com for your needs.

Checking in with Connecticut State Government 12/21/11

Checking in with Connecticut State Government 12/21/11:

From the Executive Branch:

Gov. Malloy Announces STEAP Awards for Connecticut Communities

Gov. Malloy Outlines Principles for Education Reform

Gov. Malloy on Announcement of November Employment Figures for Connecticut


From the Legislative Branch:

2012 Regular Session
Convenes: February 8, 2012
Adjourns: May 9, 2012

NEW LEGISLATION EFFECTIVE
January 1, 2012


From the Judicial Branch:

History and Role of the Courts


A recent Supreme Connecticut Supreme Court Opinion on Foreclosures for your interest:

RMS RESIDENTIAL PROPERTIES, LLC.  v.  ANNA M. MILLER ET AL.

link to

SC18746 

 DCarsonCPA.com we connect the line for Government, Industry, Business, Non Profits and Individuals along the line of Financials for Decision Makers and promote greater awareness of the many points where Finances and your role as a Financial Decision Maker connect with our Government at the Federal, State and Local levels. 

Connecticut § 12-217nn. Qualified Small Business Job creation Tax Credit

  Sec. 12-217nn. Qualified small business job creation tax credit program. (a) As used in this section:

(1) "Commissioner" means the Commissioner of Economic and Community Development;

(2) "Income year" means the income year or taxable year, as determined under this chapter or chapter 207 or 229, as the case may be;

(3) "Qualified small business" means an employer, subject to tax under this chapter or chapter 207 or 229, who employs less than fifty employees in Connecticut on the date of its application under subsection (c) of this section;

(4) "New employee" means a person hired after May 6, 2010, by the qualified small business during its income years commencing on or after January 1, 2010, and prior to January 1, 2013, to fill a new full-time job. A new employee does not include a person who was employed in Connecticut by a related person with respect to the qualified small business during the prior twelve months;

(5) "Full-time job" means a job in which an employee is required to work at least thirty-five or more hours per week for not less than forty-eight weeks in a calendar year. "Full-time job" does not include a temporary or seasonal job;

(6) "Related person" means (A) a corporation, limited liability company, partnership, association or trust controlled by the qualified small business, (B) an individual, corporation, limited liability company, partnership, association or trust that is in control of the qualified small business, (C) a corporation, limited liability company, partnership, association or trust controlled by an individual, corporation, limited liability company, partnership, association or trust that is in control of the qualified small business, or (D) a member of the same controlled group as the qualified small business; and

(7) "Control", with respect to a corporation, means ownership, directly or indirectly, of stock possessing fifty per cent or more of the total combined voting power of all classes of the stock of such corporation entitled to vote. "Control", with respect to a trust, means ownership, directly or indirectly, of fifty per cent or more of the beneficial interest in the principal or income of such trust. The ownership of stock in a corporation, of a capital or profits interest in a partnership, limited liability company or association or of a beneficial interest in a trust shall be determined in accordance with the rules for constructive ownership of stock provided in Section 267(c) of the Internal Revenue Code of 1986, or any subsequent corresponding internal revenue code of the United States, as from time to time amended, other than paragraph (3) of Section 267(c) of said Internal Revenue Code.

(b) (1) There is established a qualified small business job creation tax credit program for qualified small businesses whereby a qualified small business that hires a new employee who resides in the state may be allowed a tax credit against the tax imposed under this chapter or chapter 207 or 229, other than the liability imposed by section 12-707.

(2) The tax credit shall be an amount equal to two hundred dollars per month for each new employee hired.

(3) No tax credit shall be allowed for any new employee hired by a qualified small business in any income year commencing on or after January 1, 2013.

(4) No qualified small business may claim a tax credit for any new employee who is an owner, member or partner in the business or who is not employed at the close of the income year of the qualified small business.

(5) The qualified small business shall claim the tax credit for the income year in which the qualified small business hires a new employee and, if eligible, the two immediately succeeding income years. Any tax credit not used in an income year shall expire and shall not be refundable.

(c) To be eligible to claim the tax credit, a qualified small business shall apply to the commissioner in accordance with the provisions of this section. The application shall be on a form provided by the commissioner and shall contain sufficient information as required by the commissioner, including the activities that the qualified small business primarily engages in, the North American Industrial Classification System code of the qualified small business, the current number of employees employed by the qualified small business as of the application date, and the name and position or job title of the new employee hired.

(d) (1) Upon receipt of an application, the commissioner shall render a decision on the application, in writing, not later than thirty days after the date of its receipt by the commissioner. If the commissioner approves the application of the qualified small business, the commissioner shall issue a certification letter indicating that the tax credit will be available to be claimed by the qualified small business if the qualified small business otherwise meets the requirements of this section.

(2) The total amount of tax credits granted under this section and sections 12-217ii and 12-217oo shall not exceed eleven million dollars in any one fiscal year.

(3) No qualified small business claiming the tax credit under this section with respect to a new employee may claim any credit against any tax under any other provision of the general statutes with respect to the same new employee.

(e) If the qualified small business is an S corporation or an entity treated as a partnership for federal income tax purposes, the tax credit may be claimed by the shareholders or partners of the qualified small business. If the qualified small business is a single member limited liability company that is disregarded as an entity separate from its owner, the tax credit may be claimed by the limited liability company's owner.

(f) For a qualified small business subject to the tax imposed under chapter 229, no credit allowed under this section shall exceed the amount of tax imposed by said chapter. The commissioner shall annually provide to the Commissioner of Revenue Services a list detailing all tax credits that have been approved and all qualified small businesses that have been issued a certification letter under subsection (d) of this section.

(P.A. 10-75, S. 8.)

History: P.A. 10-75 effective May 6, 2010, and applicable to income years commencing on or after January 1, 2010.

ALL Connecticut Tax Rules subject to change and update you must confirm as filing or relying