Posted on March 22, 2024
On Wednesday, I had the opportunity to testify with CPA Rob LaSaracina in support of Section 4 in S.B. No. 443, which features one of my legislative concepts. If the bill is passed, Section 4 would change the state law to help business owners and workers by requiring the Department of Revenue Services to waive interest and penalties associated with a business owners’ amended tax filings for federal tax credits to help keep people employed and businesses open. This encompasses the federal tax grants associated with COVID-relief dollars, or any other federally declared emergency. It is not always easy doing business here in Connecticut, during declared emergency situations, we see countless businesses impacted, the least government can do is not make it more difficult for these businesses’ years down the road with increased-tax burdens.
I want to thank Rob LaSaracina for his advocacy, and the members of the Finance, Revenue, and Bonding Committee, for inserting this important concept into S.B. No. 443. I will keep you up to date on the advancement of this bill.
For more, click the link below to watch our testimony and learn more about this proposal that will be so important to Connecticut business owners.