Finance panel endorses estate, hospital tax hikes
The legislature’s tax-writing committee adopted a revised plan this afternoon to boost the tax on wealthy estates, and to add a 5.5 percent levy on hospital gross revenues.
The measure adopted by the Democrat-controlled Finance, Revenue and Bonding Committee continues to exempt estates valued at less than $3.5 million.
But the bill, which now heads to the Senate, doubles or nearly doubles the rates on most estates valued in excess of $3.5 million.
Gov. M. Jodi Rell, a Republican, vetoed a Democratic bill to boost the estate tax in December.
The hospital tax is designed to raise $207 million per year. Those funds then would be returned to the hospital in the form of payments to offset the costs of treating Medicaid and uninsured patients. The back-and-forth arrangement is designed to qualify Connecticut for additional federal health care funding.
Sign up for CT Mirror's free daily news summary.
Free to Read. Not Free to Produce.
The Connecticut Mirror is a nonprofit newsroom. 90% of our revenue comes from people like you. If you value our reporting please consider making a donation. You'll enjoy reading CT Mirror even more knowing you helped make it happen.YES, I'LL DONATE TODAY