Posted on April 10, 2024
The Finance Committee unanimously voted in favor of passing S.B. No. 443, out of committee last Wednesday. This bill will now await further action on the Senate Floor during the 2024 Connecticut Legislative Session.
Previously Section 4 (now Section 1) in this bill features one of my legislative proposals to protect our businesses. This part of the bill 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 stemming from a federally declared emergency, specifically COVID-19, to help businesses survive and people employed.
Section 1 now encompasses the federal tax grants associated with COVID-relief dollars, such as the CARES Act, which was passed into law to help people and businesses facing financial difficulties. The provided extra funding for unemployment benefits, aid to small businesses, support for healthcare providers, and help for industries that were hit hard by the pandemic, and most notably, the Employee Retention Tax Credits (ERTC) – which allows businesses to receive money back on their employees if they were retained during this time. It also includes the America Rescue Plan, which granted the ERRC tax credits.
It is not easy doing business here in Connecticut in the best of times. However, during the COVID shutdowns we witnessed countless Connecticut businesses severely impacted. The least the government can do in Connecticut is not make it more difficult for these businesses with increased-tax interest and penalties for no fault of their own and for simply taking advantage of tax credits which was afforded them in federal law.
I want to thank Rob LaSaracina CPA, for his advocacy when he testified with me in support of this legislation at the March Public Hearing. I would also like to thank the Co-Chairs, Senator John Fonfara, and Representative Maria Horn, along with Ranking Members Senator Henri Martin and Holly Cheeseman for getting this priority of mine into S.B. No. 433. This is a critical concept that will go a long way in helping our businesses and Connecticut workers.