Posted inMoney, Politics

Budget chief: Some tax cuts may have to wait; CT colleges likely to face cuts

Gov. Dannel P. Malloy’s budget director acknowledged Monday there’s little likelihood all of the tax relief promised on the campaign trail can be provided in the next state budget, which faces a major deficit projection. And while the governor promised new tax relief for college graduates struggling with student loan debt, budget director Benjamin Barnes said Connecticut’s public colleges and universities probably won’t be spared emergency budget cuts due out this week.

Posted inEducation

Fact check: Who really protected teacher pension funding?

Since their endorsement of Gov. Dannel P. Malloy, leaders of the largest teachers’ union in Connecticut have portrayed the governor as defender of what teachers worry about most: the future of their pensions. But while touting Malloy as the first governor to “fully fund” the long-neglected pension system, the leadership message of the Connecticut Education Association doesn’t mention that Malloy had little choice but to do so.

Posted inNews

Agencies hope CT’s checkbook can cover costs until federal shutdown ends

The federal government shutdown could sorely test the state’s checkbook, particularly when it comes to social service and health care programs, according to contingency plans state departments have filed. Nonpartisan state analysts identified about 30 percent of the federal funding Connecticut normally receives that likely would be interrupted. In some cases that’s because a particular […]

Posted inNews

Are business taxes that high given what Connecticut companies can earn?

Connecticut’s business taxes don’t loom quite so large when compared with the revenues companies rake in throughout the Nutmeg State. A recent study commissioned by a national coalition of nearly 600 multi-state corporations found Connecticut continues to offer one of the most favorable business tax climates in the country – even after the hefty tax […]

Posted inNews

Senate budget debate offers opposing visions of fiscal future

The state Senate sent a $37.6 billion biennial budget to Gov. Dannel P. Malloy’s desk Monday night after nearly seven hours of partisan debate that offered opposing visions of Connecticut’s fiscal future. Majority Democrats described it as a responsible plan that meets a rising demand for social services, preserves municipal aid and builds on the […]

Posted inNews

House adopts $37.6 billion budget for next biennium — or is it $44 billion?

The Connecticut House voted at sunrise Sunday to adopt a $37.6 billion, two-year budget that preserves municipal aid and meets a rising demand for social services, while relying on one-time revenues and the exemption of an unprecedented $6 billion from the spending cap. The Democrat-controlled House began debate minutes after midnight and passed the budget 95-48 […]

Posted inNews

Anti-smoking forces push higher cigarette tax to solve state’s budget woes

With shrinking revenues complicating state budget talks, anti-smoking advocates pitched a nearly 30 percent hike in the cigarette tax Wednesday as an increase most voters would welcome. Key state officials responded warily to the 95-cents-per-pack hike proposal, and Connecticut’s grocery stores argued it would harm retail sales in a vulnerable economy. “The answers are loud […]

Posted inNews

Panel proposes borrowing to avoid tax on power plants

A key legislative panel adopted plans Tuesday to end a controversial tax on power plants this summer — but the lawmakers would finance it with borrowing and by delaying other debt costs that would be paid off after the November 2014 elections. Majority Democrats on the Finance, Revenue and Bonding Committee defended the borrowing, arguing […]