The Capitol Report is produced by the Greater New Haven and Quinnipiac Chambers of Commerce.
In This Issue
Start of the 2015 Session
Budget Battle
Legislative Proposals
Event Reminder
Capitol Report
March 5, 2015

Welcome to the Greater New Haven Chamber of Commerce Capitol Report, just one of the many benefits you receive as a member of the GNHCC!
Top Priority: Connecticut Business Day 2015

 

Wednesday, March 25 -  7:30 -11:30 a.m.


 Let's show our government that we mean business!

 

Many voices are are being heard at the state Capitol during this difficult budget session. This Capitol is the day for business to be heard. Help us have a strong showing and ensure that Greater New Haven is fairly represented, that our region receives the transportation infrastructure dollars it needs, and that the budget is not balanced completely on the backs of the business community. Email Sean at [email protected] for more info.

 

This Week's Focus: Budget Battle

 

 Over the last two weeks there has been a lot of jockeying around Governor Malloy's budget proposal. Legislators on both sides of the aisle have expressed concern about proposed cuts in spending and what amounts to numerous tax increases.


 Meanwhile, State Comptroller Kevin Lembo is predicting a $101 million revenue shortfall -- an increase of more than $40 million from his last estimate.  Revenue from capital gains are not meeting forecasts, and as a result his office has enacted two rounds of budget rescissions to cover the budget shortfall.  


 For a deeper look into this issue, I suggest this Ken Dixon article from The Hartford Courant.  

 

Of note: State Treasurer Denise Nappier's office released a statement in which she announced that the state needs $325 million in additional funds to cover debt service. In response, several editorials remarked that while Connecticut holds a bond rating of Aa3, we cannot afford to have public fights about whether or not we can afford to pay our debts. For a more comprehensive look at the debt feud, click here.

 

It should be recognized that the Governor and the legislature have a difficult task in front of them; they are trying to balance needs of 3.5 million residents against limited funds. We will continue to monitor these important discussions and keep you informed as the session continues to unfold. 

 

Legislative proposals the Chamber is supporting:

 

The Chamber submitted testimony on: H.B. 6824 AN ACT CONCERNING THE STATE BUDGET FOR THE BIENNIUM ENDING JUNE 30 2017, AND MAKING APPROPRIATIONS THEREFOR AND OTHER PROVISIONS RELATED TO REVENUE. The chamber is pushing to protect funding so vital to our region, while limiting any new taxes.

 

The Chamber also submitted testimony on: S.B. No. 1019 AN ACT CONCERNING THE

GNHCC's Sean Cleary testifying at the State Capitol on behalf of Greater New Haven's business community.

FISCAL IMPACT OF PROPOSED LEGISLATION ON BUSINESSES. Our legislative agenda states that the Chamber is pushing to make sure every bill that passes the legislature is done so with an understanding of how that legislation will affect the business community. We believe that this bill will help the legislature make more informed decisions on the regulations and taxes they vote on.

 

The Chamber continues to support the many bills that aim to repeal the business entity tax and is monitoring a variety of other proposals that would affect small and medium-sized businesses.  


 

Event Reminder: Please join us!

 

Business After Hours- Where conversation is king! Wed, March 11, 5:30 - 7:30 p.m., University of New Haven College of Business, 584 Derby Milford Road, Orange.  Register now!

 

Chamber's Annual Meeting breakfast- Keynote by Comptroller Kevin Lembo. Thurs, April 9, 7:30 - 9:15 a.m., Omni New Haven Hotel at Yale, New Haven. Register here!

For more information on legislation, General Assembly committees, schedules or to suggest a topic, please contact:

Sean Cleary, Economic Development and Governmental Affairs Liaison
(203) 782-4330  |   [email protected]

To contact your legislator, please visit Find My Legislator and enter your information.