The ever-changing landscape of state government requires businesses across all industries to stay informed on the happenings in Madison. Welcome to the November 2024 issue of the Capitol Connection. In this issue: Election 2024: State Legislature DNR Approves Enbridge ‘Line 5’ Permits State Schools Superintendent to Propose Over $4 Billion Increase for K-12 Aids Gov. […]

Friday afternoon, a federal judge in Texas struck down the Department of Labor’s (“Department’s”) overtime rule (“Overtime Rule”) finding that the Overtime Rule exceeded the Department’s authority and was unlawful. In the Opinion, the court issued a vacatur which sets aside the rule and makes it no longer binding. This vacatur of the Overtime Rule […]

A federal district court in Texas has issued a landmark decision postponing the enforcement of the Corporate Transparency Act (the “CTA”). The Court held that the CTA exceeds Congress’ power and is therefore likely unconstitutional. As a result, reporting companies are no longer required to comply with the CTA’s January 1, 2025, reporting deadline. As […]

On November 1, 2024 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits.  Almost all of the limits shown below have increased from last year.   Qualified Plan Limit Cost-of-Living Adjustments 401(k) and 403(b) elective deferral limit 2024 – $23,000 2025 – $23,500 $200,000 compensation limit 2024 – $345,000 […]