income tax

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Dramatically eroding CT income tax receipts complicate budget debate

Updated at 7:10 p.m.
New reports show dramatically eroding state income tax receipts that could expand the deficit in the next two-year budget by more than $500 million while depleting existing reserves. Although six more days remain before analysts complete their review of April income tax receipts, the new numbers also raise the prospect state government may have to borrow to balance the current budget. Continue Reading →

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Administration’s final CT budget report has good news and bad

The final report from Gov. Dannel P. Malloy’s administration on the just-completed fiscal year says the deficit for the 2015-16 fiscal year improved modestly, from about $316 million to $279 million, largely because of a last-minute surge in federal grants. But it also shows further erosion in tax receipts. Continue Reading →

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Nonpartisan analysts: Tentative CT budget wipes away lots of red ink

The tentative plan to close a $1 billion hole in Connecticut’s finances starting July 1 also would wipe away more than 40 percent of the red ink threatening state government after the November elections, nonpartisan fiscal analysts reported Tuesday evening. Continue Reading →

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Volatile income tax receipts complicate effort to craft CT budget

This is a picture of Sen. Beth Bye

Unstable tax receipts are threatening to dash Democratic legislators’ hopes of adopting a new state budget this week. By midday Tuesday, earlier indications that income tax receipts might be on the rise — based on very preliminary data after the April 18 filing deadline – had evaporated.
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Struggle to balance current budget could help with future deficits

While legislators and Gov. Dannel P. Malloy scramble to close yet another hole in the current state budget, the exercise could help them solve a much larger problem. Depending on how they solve this fiscal year’s $220 million deficit — a task lawmakers have pledged to complete Tuesday — the $900 million hole built into 2016-17 finances could be whittled down by nearly one-quarter.
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Labor in the crosshairs as budget crunch worsens

Connecticut’s labor leaders insist the writing is on the wall. Barring a dramatic new development, they say, state employees will be asked to grant wage and benefit concessions for the third time in seven years. But that doesn’t mean workers are ready to endorse more givebacks. Continue Reading →

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Malloy calls for bipartisan talks as budget hole deepens

Declaring that weak income tax receipts opened the second major state budget deficit in two months, Gov. Dannel P. Malloy took a new approach Monday, calling for bipartisan negotiations to cut spending, stabilize state financing and address the deeper question of how much government Connecticut can afford. Continue Reading →

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