Gov. Ned Lamont proposed a lean $22.3 billion budget Wednesday that would push Connecticut’s emergency reserves close to $3 billion while keeping taxes largely flat.
corporation tax
Posted inPolitics
Lamont offers tax relief in jobs plan, but no plan to pay for it
Democratic gubernatorial nominee Ned Lamont unveiled a jobs plan Wednesday centered on three business tax cuts — and a previously disclosed middle-class income tax break — none of which he could provide without solving a much-larger state budget deficit.
Posted inMoney
Fiscal panel’s formula for revitalizing CT provokes Democratic resistance
Progressive Democrats in the General Assembly pushed back Friday against the state’s new fiscal stability panel, charging its recommendations shortchange key priorities, like poor cities, education and social services.
Posted inMoney
Plan to revitalize CT runs into doubters of all persuasions
A much-anticipated report on stabilizing state finances and jump-starting Connecticut’s economy isn’t likely to get far before legislators adjourn in early May to run for re-election.
Posted inMoney, Politics
Federal tax changes further polarize debate over state income tax
Now that Congress has passed a massive federal tax overhaul, political observers here agree it could have a chilling effect on future proposals to raise the Connecticut income tax — even 14 months from now when a huge deficit looms in state finances. But liberals and conservatives were split over whether this is a good thing, as huge pressures are projected to test state finances in unprecedented fashion in the coming years.
Posted inMoney, Politics
CT may entice businesses to pay more taxes — voluntarily
Majority Democratic legislators want Connecticut to invite businesses to pay more taxes — voluntarily — next spring — in exchange for a contractually guaranteed tax break down the road, according to several sources within the House and Senate Democratic caucuses.
Posted inMoney, Politics
GE moving global headquarters from Fairfield to Boston
The company says Boston was selected “after a careful evaluation of the business ecosystem, talent, long-term costs, quality of life for employees, connections with the world and proximity to other important company assets.”
Posted inMoney, Politics
There’s a near deal — but it’s not bipartisan — on state budget deficit
Gov. Dannel P. Malloy and his fellow Democrats in the legislature’s majority said Thursday they believe they had reached the essence of a deal to mitigate state budget deficits and offer modest tax relief to businesses. Malloy announced he would call the General Assembly into special session on Tuesday in the hopes of adopting the package.
Posted inMoney, Politics
Deadlines nearing for state budget talks, GE decision on a move
State budget talks made little progress Wednesday but will continue for at least one more day as legislators from both sides conceded a self-imposed deadline is nearly upon them. Gov. Dannel P. Malloy also hopes to extract new business tax relief from these talks and confirmed he continues to talk with General Electric in hopes of keeping the major corporation in Connecticut.
Posted inMoney, Politics
State budget talks pick up steam; retirement incentives don’t
While state legislators were upbeat after a second round of budget talks Tuesday with Gov. Dannel P. Malloy, they conceded that a proposal to offer retirement incentives to state workers — though not dead — had been weakened considerably.
Posted inMoney, Politics
Cutting business taxes in the discussion on state budget
According to several sources close to the bipartisan talks that begin today, Gov. Dannel P. Malloy’s administration will suggest a modest business tax cut to improve Connecticut’s economic climate.
Posted inMoney
Popular proposal for tax reform: Roll back recent increases
A public hearing on how to reform Connecticut’s tax system evolved Wednesday — at least in part — into a critique of the $1.3 billion tax hike built into the two-year state budget legislators and Gov. Dannel P. Malloy approved earlier this summer.
Posted inMoney, Politics
Daunting task: Study taxes but not whether they’re too high
The State Tax Panel is kicking off a four-month study of the state’s tax system and economy, but in theory it will not address whether taxes are too high or too low, or whether certain groups should pay more or less.
Posted inMoney, Politics
GE becomes state Capitol’s latest political football
Two members of the Senate’s Republican minority called Friday for a special session to entice GE to stay by repealing a controversial new corporation tax provision.
Posted inMoney, Politics
CT tax department says it surpassed $75M collection target
Thrown a last-minute challenge to collect an extra $75 million in revenue for the past fiscal year, state tax officials topped the mark, collecting nearly $86 million in miscellaneous receipts before the fiscal year ended on June 30.