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CT CPA’s Warn of Dire Impact of New Federal Tax Plan

By Ana Radelat

www.ctmirror.org

Washington – Connecticut’s accountants are frustrated that they can give clients only limited advice about a massive federal tax overhaul underway in Congress, and some predict there will be more losers than winners among individual taxpayers in the state.

“They are likely to see their federal taxes increase next year, and they should be aware of that,” said Bonnie Stewart, executive director at the Connecticut Society of CPAs.

Stewart said the state’s certified public accountants are being deluged by clients, both business owners and individuals, asking how they would fare under the new tax bill.

“The calls are coming in to accounting offices across the state,” she said.

A New Push to Tackle an Old Problem: Transportation Neglect

By Mark Pazniokas

www.ctmirror.org

Gov. Dannel P. Malloy said today a day of reckoning has arrived for Connecticut’s depleted special transportation fund and the services and projects it finances, outlining what is likely to be an election-year challenge for the General Assembly next year and, perhaps, the last major initiative of a lame-duck governor.

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Gov. Dannel P. Malloy and his transportation commissioner, James P. Redeker. (CLICK TO ENLARGE) CTMirror.org photo

With a long hit list of projects and services destined to be shelved without an infusion of revenue, Malloy is attempting to bring a sense of urgency to a legislature that has proven to be remarkably indifferent to a crumbling and underfunded transportation infrastructure over the tenures of a half-dozen governors.

“This goes back decades,” Malloy said. “Ladies and gentlemen, we are now in a critical moment.”

Connecticut paid close attention to infrastructure after a section of I-95 collapsed into the Mianus River in Greenwich in 1983, but the neglect resumed as the economy cooled and the state struggled to balance its budget. A 2013 study found that from 1989 to 2008, the state’s highway spending per mile fell 35 percent when adjusted for inflation, the worst drop of any state.

Comings & Goings: Bar Lupa Opens

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Bar Lupa, an Italian restaurant and bar, has opened at 1431 Post Road East in space formerly named Rustico Trattoria. It is co-owned by Miguel Angelo D’Onofrio, the former owner of Rustico Trattoria, who teamed up with Massimo Tabacco (above), to transform the eatery. According to Tabacco, a native of Rome, Italy, “We converted it to a Roman restaurant. Lupa is the symbol for the city of Rome. In addition to homemade pasta, meat and fish dishes we offer ‘stuzzichino,’ known better here as tapas. Miguel and I worked together 25 years ago at Columbus Park, Stamford.  We were a good team—D’Onofrio as chef and me as the manager.”  (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Stern Reelected Finance Board Chair, Rea Vice Chair

Westport’s Board of Finance tonight reelected Brian Stern as its chairman and Michael Rea as vice chairman.

Stern was elected by a vote of 5 to 0 with 1 abstention, his own. Finance board member John Hartwell was not present.

Rea nominated Stern, saying his “leadership, your evenhandedness is much appreciated by the taxpayers of this town.”

“One of the great characteristics about Brian is that he has been, in very tough times with the budget, very patient with the public.”

Comings & Goings: 190 Main Opening

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A new bar and restaurant, 190 Main, opens Dec. 15 at 190 Main St., according to Milissa Gorman, co-owner with Sam Alang. Gorman said the eatery offers small plates and tapas featuring seafood specialties. Gorman is a Weston resident who grew up in Savannah, Georgia where she previously managed several restaurants. The 190 Main Street space was previously occupied by the Vine Wine Room that closed in July and the the Luxe Wine Bar, which closed in April 2016. The restaurant offers lunch Thursday through Sunday and dinner every day, according to Gorman.  (CLICK TO ENLARGE) Dave Matlow for WestportNow.com

Third Quarter Taxes Due Jan. 1

Westport Tax Collector Harry Whiteley announced today that third quarter real estate taxes, personal property taxes, supplemental motor vehicle taxes and sanitary sewer use and assessment charges are due Jan. 1.

He said taxpayers have until Feb. 1 to pay taxes without penalty. If paid late, accounts will be subject to an 18 percent, 1.5 percent per month, penalty charge,, with a minimum interest charge of $2.

With expected passage of the Republican tax legislation that will limit property tax deductions, a number of financial advisers have suggested their clients pay such taxes due in 2018 before Dec. 31 to lock in deductions on this year’s return.

Whiteley said that failure to receive a bill does not abate the charges or interest.

Progressives Quiz Democratic Contenders for Governor

By Mark Pazniokas

www.ctmirror.org

New Haven — Connecticut’s political left obtained commitments from four Democratic gubernatorial contenders on a range of progressive issues today at a “People’s Symposium” that was as much a test of the audience’s appetite for hitting the streets to resist President Donald J. Trump as the politicians’ visions for succeeding Gov. Dannel P. Malloy.

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Pictured (l-r) Joe Ganim, Dan Drew, Dita Bhargava and Jonathan Harris. (CLICK TO ENLARGE) Mark Pazniokas for CTMirror.org

The Working Families Organization and its allies in labor and progressive politics devised the symposium as an early effort to frame the campaign for the Democratic gubernatorial nomination and test their ability to identify and engage foot soldiers in the campaigns for governor and control of the General Assembly in 2018.

“We’re trying to harness the energy of the Resist Trump movement,” said Carlos Moreno, a spokesman for the Working Families.

About 500 people showed up at the Fair Haven School to watch Bridgeport Mayor Joe Ganim, Middletown Mayor Dan Drew, former state Sen. Jonathan Harris of West Hartford and Dita Bhargava, a former Wall Street executive from Greenwich, be quizzed on taxes, immigration, criminal-justice reform, police accountability, collective bargaining, and the fight for a $15 minimum wage.

Senate Approves Sweeping Tax Overhaul Despite CT Dem Opposition

By Ana Radelat

www.ctmirror.org

Washington – The Senate early today 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.

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Sen. Chris Murphy speaks against the tax bill on the Senate floor. (CLICK TO ENLARGE) C-SPAN photo

With Vice President Mike Pence presiding over the Senate, the bill was approved on a 51-49 largely party line vote. Sen. Bob Corker of Tennessee, who had concern about the bill’s impact on the deficit, was the only Republican holdout.

The bill’s approval is not the end of the GOP effort to overhaul the tax code. The Senate package must be reconciled with a tax package the House approved earlier this month.

Republican leaders had to tweak the Senate bill in different ways on Friday to win the support of a handful of wavering GOP senators, and the resulting legislation was released to the public, and Democratic senators, late Friday. One change, which had been pushed by Sen. Susan Collins, R-Maine, would allow deductibility of up to $10,000 in property taxes paid.

Connecticut, Tribes Sue Feds to Break Deadlock on Third Casino

By Mark Pazniokas

www.ctmirror.org

Backed by the administration of Gov. Dannel P. Malloy, the Mashantucket Pequot and Mohegan tribal nations today filed a lawsuit to force Interior Secretary Ryan Zinke to approve their gaming agreements with Connecticut and clear the way for them to jointly develop a commercial casino in East Windsor.

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Tribal leaders watch Gov. Dannel P. Malloy sign ceremonial copy of the East Windsor casino bill in July. (CLICK TO ENLARGE) Mark Pazniokas for CTMirror.org

The lawsuit filed in U.S. District Court in Washington, D.C., comes one month after the tribes and the state’s congressional delegation failed to move the Department of the Interior off its puzzling stance of neither rejecting nor approving amendments to the tribes’ gaming compacts.

The refusal to give a clear answer was a victory for MGM Resorts International, which has lobbied for two years in Hartford and Washington, D.C., to block the East Windsor casino and protect the market for an MGM casino scheduled to open next year in nearby Springfield.

By suing Zinke, Malloy and the tribes appear to be trying to move decision-making in the case away from the Department of the Interior to the Department of Justice, where lawyers now must decide how or whether to defend Zinke’s failure to meet timetables for reviewing amendments to gaming compacts.

Realtors Say Value of CT Homes Would Drop Under Tax Bills

By Ana Radelat

www.ctmirror.org

Washington — The nation’s Realtors say Connecticut homeowners may lose as much as 10 percent of the value of the equity in their homes — and maybe more — if Congress approves a GOP overhaul of the federal tax code.

The Senate hopes to vote on a tax bill this week; the House approved its version earlier this month.

The bills differ, but both have provisions that would impact homeowners — and real estate agents say they would slow home construction and discourage people from buying.

The National Association of Realtors opposes both the House and Senate bills and has urged more than 190,000 of its members to write Congress about their concerns.