Tax Update Summary (while we wait!)

Posted on June 15, 2011. Filed under: Uncategorized |

Update: At least two of 34 state employee bargaining units have voted to ratify the agreement so far. The University of Connecticut Professional Employees Association and the unit representing state police captains and lieutenants voted in favor of the agreement.

———

The union ratification voting is underway, so we should know relatively soon if the unions will accept the proposed concession deal.

As the Connecticut Mirror reported, since the 277-page budget policy bill essentially pre-approved the budget (if the unions approve the deal and the legislature does not call a special session within five days, it’s considered that the deal has been deemed “appropriate” by the legislature), the budget process should be close to over at that time.

That’s step number one – then, it’s a waiting game until we see if the $1.6 million in assumed savings (much of which the Office of Fiscal Analysis could not actually vouch for) is actually a real number.

So, while we wait… we have a resource for you to familiarize yourself with!

Connecticut’s DRS put together a four-page “cheat sheet” of what you need to know as far as the tax changes are concerned. The pdf covers the new income tax brackets and every new or revised tax we’ll be contending with.

This is a good one to print out and stick on the proverbial fridge, CPAs!

Read the summary (pdf document).

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