The Finance Committee approved bills that increase – and broaden – property and child tax credits for Connecticut residents.
The bill would create a new $600-per-child credit for low and middle income families.
The plan includes one of the largest tax breaks in state history for working class families.
The raid on the Green Bank and other clean energy programs to help plug the state’s huge budget deficit is bringing together groups often at odds. Environmentalists and business interests, including the state’s most prominent business lobby, agree the raid is a bad idea.
The legislature’s tax-writing committee Thursday approved a bill that would allow New Haven to begin taxing commercial property owned by Yale, but let die a controversial bill backed by the leader of the state Senate that would have allowed the state to tax the earnings of the Ivy League university’s multi-billion-dollar endowment. Yale has opposed both bills.
Gov. Dannel P. Malloy’s budget chief left the door open Thursday for the administration to support a House Republican initiative to provide $60 million in tax relief to small businesses.