Hartford Business Journal

www.HartfordBusiness.com • May 14, 2018 • Hartford Business Journal 5 Pratt St. building offered at $2.9M A century-old downtown Hartford retail-office building with the potential for conversion to apartments straddling the corner of Pratt and Trumbull streets is for sale at $2.9 million, brokers say. Trumbull Towers Management owns the six-story, approximately 100,000-square-foot edifice on about a half-acre at 93-99 Pratt St. and is representing itself in sale talks, according to the building leasing broker Amodio & Co. Real Estate. Built in 1910, the property is comprised of two interconnected buildings whose tenants include Caribbean bar-restaurant The Russell and Max Bibo's On Trumbull St. According to the buildings' sale flyer, landlord Trumbull Towers claims the pair's value lies in their potential for commercial-lease opportunities, including "offering space for a corporate headquarters location.'' The property is also well-suited for conversion to apartments, the flyer said. CT laws aim to counter ill effects of federal tax changes The state legislature approved a series of tax changes in response to new federal tax laws. At issue are new federal income tax laws capping deductions for state and local taxes at $10,000 — a change that primarily falls on a dozen states, including Connecticut, that voted against President Trump in 2016. One provision would establish a new Pass-Through Entity Tax aimed at certain small businesses — such as limited liability corporations — whose principals report their business's income and their personal earnings collectively through their personal income tax returns. This would allow them to pay the same tax rate, but report their business's earnings through a separate state tax — thereby reducing the personal income they would report on their federal return. A second provision allows municipalities to provide a property tax credit to taxpayers who make voluntary donations to a "community-supporting organization" approved by the municipality. For example, a household owing $7,000 in state income taxes and $6,000 in local property taxes could — in lieu of paying the local tax — make a $6,000 contribution to the local municipality's charitable organization. And while their federal deduction for state and local taxes paid could not exceed $10,000 under either scenario, by making the charitable contribution, the rationale is that some or all of that $6,000 payment also could be deducted from federal taxes. Keith Phaneuf | CT Mirror Lawmakers kill minimum-wage hike effort The General Assembly's regular session ended May 9 without Democratic lawmakers delivering on a promised progressive agenda of a $15 minimum wage, paid family medical leave and an overhaul of state laws on sexual harassment in the workplace. Those were among the dozens of bills to die, a list that included a measure that would have legalized sports betting, contingent on the U.S. Supreme Court striking down a current federal ban. A study of expanding casino gambling passed the House, but never came to a vote in the Senate. Mark Pazniokas | CT Mirror SJW Group, CT Water file merger applications with CT, Maine regulators SJW Group of San Jose, Calif., and Clinton-based Connecticut Water Service Inc. have filed their merger applications with state regulators in Maine and Connecticut, hoping to get the blessing for their proposed $750 million combination. The applications to the Connecticut Public Utilities Regulatory Authority (PURA) and the Maine Public Utilities Commission (MPUC) come as both companies face acquisition bids from other suitors. Eversource Energy has made a competing offer to purchase Connecticut Water Service, while SJW Group is being pursued by California Water Service Group. PDS has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. Gymnastics Express | Glastonbury, Connecticut PDS acted as General Contractor to complete an addition of 3,500 square feet to this occupied fi tness facility. PDS built the original building and were asked to perform their services again for an expansion. The entire building is now 14,000 square feet in which both projects were completed on time and within budget. Girls and Boys from all over Connecticut compete and exercise in this gymnastics building. Total Project Size: 14,000 SF 107 Old Windsor Road, Bloomfi eld, CT 06002 (860) 242-8586 | Fax (860) 242-8587 www.pdsec.com DESIGN BUILDERS • GENERAL CONTRACTORS • CONSTRUCTION MANAGERS SPOTLIGHT ON: R PDS ENGINEERING & CONSTRUCTION, INC. THINK • PLAN • BUILD Plan Your Next Meeting at Saybrook Point Inn This Could Be Your Office For The Day Let our professional Meeting Planners customize your next meeting or event. Experience what our unique meeting spaces can offer with team building opportunities and farm to table menus. Located only two hours from New York and Boston. Learn more at Saybrook.com. and Boston. Learn more at Saybrook.com. 2 Bridge Street, Old Saybrook, CT 06475|860.388.0000 93-99 Pratt St. is for sale and its owner says the office- retail building could be converted into apartments. PHOTO | HBJ FILE

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