Hartford Business Journal

5 HARTFORDBUSINESS.COM | JULY 26, 2021 Wicked smart. Just like you. Smart Business Banking Smart Business Banking is a suite of accounts and services designed to make business banking more convenient and affordable. To us, that's what better banking is all about. To learn more or open an account, visit westfieldbank.com or call 413.568.1911 or 800.995.5734. Bank your way Online n App n In-person What better banking's all about sm . westfieldbank.com Member FDIC Business Checking n Business Lending n Digital Banking n Cash Management Services Biz Briefs PHOTO | HBJ FILE PHOTO | FLICKR/DANIEL RAMIREZ Joy Braddock is the co-owner of Hartford's Hog River Brewing Co. A sports book at MGM Grand casino in Las Vegas. CT to reduce tax on beer Connecticut is planning to scale back its tax on beer in an effort to aid the state's expanding craft brewery industry. Speaking recently at Thomas Hooker Brewery in Bloomfi eld, Gov. Ned Lamont announced that the biennial budget he signed into law last month will reduce state taxes on beer by 16.7%. The change will take effect in July 2023. According to the governor's offi ce, taxes on a barrel of beer — equivalent to 31 gallons — will fall from $7.20 to $6. Taxes on one-half of a barrel will decline from $3.60 to $3, and the levy on a quarter of a barrel will drop from $1.80 to $1.50. The state expects to lose about $2 million in revenue from the tax decrease. Health insurance industry asks for 12.9% hike in 2022 small group rates The 10 health insurers planning to offer group and individual health plans in Connecticut in 2022 are asking for bigger increases than they did a year ago. The annual crop of rate fi lings for traditional fully-insured plans, which cover 222,700 people in the state, contained an average requested increase of 12.9% for the small group market (employers with under 50 workers) and 8.6% for the individual market. The annual requests, which are subject to the approval of (and potential modifi cation by) the Connecticut Insurance Department (CID), were 11.3% and 6.3%, respectively, last year. CID ultimately decided the 2021 increases were not justifi ed, and reduced them to an average of 4.1% for small groups and 0.01% for individuals. CT issues fi rst fantasy sports licenses to tribes, lottery Connecticut is one step closer to rolling out regulated daily fantasy sports betting. The Department of Consumer Protection said it has issued provisional licenses to MPTN CT Fantasy, a wholly-owned affi liate of the Mashantucket Pequot Tribal Nation, parent to Foxwoods Resort Casino; MGA Technologies DFS, a wholly-owned affi liate of the Mohegan Tribe; and the Connecticut Lottery Corp. The licenses allow sports betting to be conducted off of the two Native American reservations and permit each entity to partner with outside individuals and companies to run the contests. The Mashantucket Pequots are working with sports betting company DraftKings, while the Mohegans have signed a contract with competitor FanDuel. Frontier, clear from bankruptcy, plans new fi ber-optic buildout in CT Frontier Communications plans to extend its fi ber-optic network to an additional 280,000 consumers in Connecticut this year. The Norwalk-based telecommunications company said the rollout marks the fi rst phase of a multiyear expansion aimed at bringing faster, more reliable internet service to more customers. The company said it is already at work expanding fi ber-optic access in dozens of communities, including in the Greater Hartford area. Bloomfi eld, Bristol, Cheshire, Hartford, Manchester, Meriden, Middletown, New Britain, Newington, Plainville, Southington, Vernon and West Hartford, among other towns and cities, are on the list.

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