income tax

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GOP offers compromise CT budget, taps tax windfall to bolster key programs

In a major move toward a bipartisan budget compromise, Republican legislators recommended more funding for social services, higher education, transportation and municipalities — and agreed to help pay for them by tapping about $300 million of this spring’s income tax windfall. Continue Reading →

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Partisan rift threatens efforts to close CT budget deficits

Democratic and Republican legislative leaders, who returned this week to the Capitol to open the 2018 session, conceded they are sharply divided on how to wipe more than $400 million in red ink off Connecticut’s books. And while they also pledged to reach for a bipartisan compromise, no one expressed optimism this would be achieved before Connecticut’s next governor takes office 11 months from now.
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Big deficits two years from now could undercut tax cut promises

While the new state budget promises an array of tax cuts two and three years from now, it also leaves the next governor and legislature to close a $4.6 billion projected shortfall — far larger than the deficit lawmakers addressed in the current plan. Continue Reading →

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House sends veto-proof, bipartisan budget to Malloy

With the final flourish of a veto-proof margin, the House of Representatives voted Thursday to give final legislative passage to an overdue, bipartisan budget crafted without the direct involvement of Gov. Dannel P. Malloy. Continue Reading →

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After 117-day marathon, Senate passes bipartisan budget

The Senate took a major step early Thursday toward ending Connecticut’s nearly 17-week budget impasse, overwhelmingly adopting a $41.3 billion, two-year plan that closes huge deficits without raising income or sales tax rates, imposes modest cuts on local aid, and provides emergency assistance to keep Hartford out of bankruptcy. Continue Reading →

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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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