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Posted inMoney, Politics

Sales tax may take center stage in state budget debate

Leaders of the legislature’s tax-writing panel have made it no secret they hope to minimize new taxes on Connecticut corporations this year as politicians and business leaders alike hope for the economy’s best year since the Great Recession ended. But one key alternative the Finance, Revenue and Bonding Committee is expected to recommend this week involves a major overhaul of Connecticut’s sales tax – a move the state’s chief business lobby warns could damage the economy worse if handled improperly.

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.