Faced with shrinking state tax receipts, minority Republican legislators Thursday grudgingly used one of the largest “gimmicks” they had chastised Gov. Dannel P. Malloy for in their latest budget proposal.
income tax
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New spending, tax breaks at risk as CT lawmakers try to close new budget gap
Gov. Dannel P. Malloy and his fellow Democrats in the legislature’s majority have some options to re-balance the next state budget – but none of them are nice.
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Tax receipts plunge, next CT budget $300M in deficit
Plummeting tax receipts have ripped a nearly $300 million hole in the next state budget, leaving legislators and Gov. Dannel P. Malloy just one week to fix it, according to a new report Wednesday from fiscal analysts.
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Economists: Deceptive market, sequestration, scuttled Malloy surplus
A deceptive stock market, weak job growth and federal sequestration combined to turn Gov. Dannel P. Malloy’s budgetary oasis into a mirage, according to several leading Connecticut economists.
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Malloy gives up on tax rebate, citing declining revenues
Citing declining state revenue projections, Gov. Dannel P. Malloy gave up Monday on two of his biggest re-election year budget initiatives: a $55-per-person rebate and a supplemental payment into the state employees’ pension fund.
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Top Democratic lawmaker: Malloy rebate plan may have to be reduced
One of the top Democrats in the Senate conceded Thursday that Gov. Dannel P. Malloy’s rebate program might need to be scaled back if disappointing tax revenue projections don’t improve soon.
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McKinney presses Malloy to scrap rebate as revenue estimates slip
Updated, 9:19 p.m. With early analyses of state income tax returns showing receipts could fall short of budgeted levels, the top Republican in the state Senate renewed his call Wednesday for Gov. Dannel P. Malloy to scrap his controversial tax rebate plan.
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GOP budget scraps Malloy’s gimmicks, rebate — and credit for poor
Minority Republican state legislators pitched an alternative budget Thursday that weeded hundreds of millions of dollars out of gimmicks from Gov. Dannel P. Malloy’s plan and canceled the governor’s controversial rebate.
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For Malloy, much rides on April 15
While procrastinators hope for big refunds and scramble to beat Tuesday’s tax-filing deadline, the person with the most riding on those returns is Gov. Dannel P. Malloy.
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Malloy’s election-year tax cuts face big test this week
With his campaign announcement out of the way, the governor faces a big election-year test this week when a legislative panel decides whether to back his controversial tax rebate plan.
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Is it time to overhaul Connecticut’s tax system?
Rep. Patricia Widlitz, D-Guilford, is co-chairwoman of the Finance Committee. What’s the fairest way for Connecticut to raise $15 billion in taxes each year? Who should pay more? Is $15 billion too much? Too little? And how does the tax system affect the state’s economic competitiveness? These are just a few of the questions that […]
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CT keeps debit card income tax refunds on backburner
The Department of Revenue Services, which recently downgraded the role of debit cards, is now seeking funds to maintain old-fashioned paper checks as the default refund option through spring of 2015.
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Malloy offers lean $19 billion re-election year budget
Updated at 2:02 p.m.: Gov. Dannel P. Malloy offered a $19 billion budget Wednesday that — among many other proposals — would give tax breaks to middle-income households, consumers and towns while limiting spending growth to just under 3 percent.
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Malloy offers modest tax breaks for retired CT teachers, consumers
Gov. Dannel P. Malloy proposed a second round of tax cuts Friday, including a new income tax break for retired teachers that could provide a strategic edge in his re-election bid.
The governor also backed a sales tax exemption for non-prescription medications, an insurance premium break for cities and towns, extending a credit for business investors and a two-day state park fee holiday.
These breaks, worth about $52 million in the fiscal year that begins July 1, would be in addition to the $155 million sales and gasoline tax rebate Malloy unveiled Thursday.
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Malloy learns from Rowland’s slip on 1998 CT tax rebate
Gov. Dannel P. Malloy apparently has learned from former Gov. John G. Rowland’s mistake.
By proposing to rebate sales and gasoline taxes – instead of income taxes – Malloy would spare nearly all recipients from having to share about 30 percent of their bonus with the federal government. Rowland made that mistake in 1998 when he and the General Assembly launched the first tax rebate program in state history.