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Connecticut Tax Developments 2008

December 31, 2008

Authors: Alan E. Lieberman, Louis B. Schatz, Raymond J. Casella

We are pleased to publish our review of Connecticut tax developments in 2008, including summaries of tax legislation enacted by the Connecticut General Assembly during the 2008 regular and special June, August and November sessions, regulatory pronouncements published by the Connecticut Department of Revenue Services (“DRS”) and decisions rendered by Connecticut courts.

Although numerous versions of tax reform legislation were considered by the General Assembly, the deteriorating state budget situation led to a stalemate preventing the passage of all but a small group of tax-related bills. The recent turmoil in the world’s stock markets, and its impact on tax revenues in Connecticut, caused the Governor to call a special session of the General Assembly to enact extraordinary revenue measures such as a state tax amnesty program to be conducted during May and June in 2009, and an authorization for municipalities to conduct local property tax amnesty programs on or before December 31, 2009. Connecticut taxpayers are well-advised to monitor closely Connecticut’s budget situation, as economic pressures have resulted in the passage of business-unfriendly tax legislation in neighboring states, such as forced combined reporting. Suffice it to say, the 2009 budget-setting legislative session is likely to be very interesting.

Please note that the descriptions contained herein are only summaries: the application of a change in tax law to your business or to you, individually, may be impacted by tax law provisions not included in our summary that are nevertheless applicable to your particular facts and circumstances. We encourage you to contact any member of the State and Local Taxation Practice Group if you have any questions.

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