Governor Dannel P. Malloy has signed the deficit mitigation bill passed by state lawmakers during the December special session (SB 1601, December 2015 Special Session Public Act 15–1).

CBIA President and CEO Joe Brennan has called the Dec. 9 legislation a “necessary step” toward mitigating the fallout from the two-year budget passed earlier this year and solving the state’s long-term fiscal problems.

After state lawmakers passed the bill, Gov. Malloy said, “We no doubt have more to do in the General Assembly session ahead [in 2016], but this is a positive step to improve the state’s business climate and deliver long-term predictability that will allow our families and businesses to thrive.”

The bill contains many changes to state tax policy, with some provisions in effect upon the governor's signature and others effective Jan. 1, 2016.

State lawmakers will return to the Capitol in early February for a short, three-month session during which they may make further budget adjustments as necessary.