Fairfield County Business Journal

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FAIRFIELD COUNT Y

BUSINESS JOURNAL www.fcbizj.biz Your only source for local business news

INSIDE

Vol 48, No. 5 | $2.50

ryan doran

January 30, 2012

The List

Colleges and Universities

Page 10

Page 5

“We’re ready for a tough environment.” – Keith Akerin, CFO, GE

Piers of dreams New sports complex rises •2

Mollie Marcoux, executive director of Chelsea Piers in Stamford.

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Malloy: Withholding snafu has no impact on state budget BY ALEXANDER SOULE casoule@westfairinc.com

S

ince Gov. Dannel P. Malloy laid out reasons for an unexpected gap in Connecticut revenue that surfaced in January, some wondered whether his administration is withholding something else related to state finances. Literally.

Shortly into an accelerated withholding schedule last year installed in the wake of income tax increases, Connecticut’s Department of Revenue Services (DRS) revealed that companies were withholding far too much income for tax bills due in 2011. With bonuses complicating the amounts companies withheld approaching year end, some wonder if the state is on the cusp of having to

&P WORK

return more money than it expected to taxpayers this spring – perhaps much more. Contacted at press deadline, a Malloy spokesperson said the withholding snafu has had no impact on the state’s budget. “We didn’t see anything on that front,” said Andrew Doba, director of communications in Malloy’s office. Doba reiterated instead the admin-

istration’s central theory laid out in a press release: The state Office of Policy and Management (OPM) thinks high-income earners may have shifted capital gains and income last year as a result of uncertainty surrounding the extension of the Bush-era tax cuts, with bonus declines in the financial service industry also a contributing factor. Connecticut has historically made

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All work and no play … makes for a cranky employee. Check out special supplement inside. OURS AFTER-H ING UIDE TO WORK 2012 ARY 30, ING G D NET NAL • JANU S JOUR PLANNXATION AN BUS INES COU NTY STER RELA TCHE Biz • WES FAIR FIEL

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Malloy, page 2


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