property tax credit

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Lamont’s property tax plan faces steep obstacles at outset

While Democratic gubernatorial nominee Ned Lamont’s tax relief plan is less grandiose than that of GOP rival Bob Stefanowski, it still remains unclear whether Lamont can pay for that plan given the huge deficit looming in post-elections state finances. Continue Reading →

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Lamont: Property-tax relief possible, not income-tax repeal

Democratic gubernatorial candidate Ned Lamont said Thursday he wants to restore Connecticut’s incredibly shrinking property-tax credit: Worth about $385 million in middle-class relief nearly 20 years ago, it now provides just $50 million annually and is limited to poorer property owners. Continue Reading →

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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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Malloy would bill towns for teachers’ pensions, cut middle-class tax credit

Gov. Dannel P. Malloy said Friday his proposed budget would shift $400 million, nearly one-third of the cost of municipal school teachers’ pensions, onto cities and towns next fiscal year — a move that would hit the state’s wealthiest communities the hardest. Continue Reading →

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Democrats modify tax proposals, but business unimpressed

Democratic legislators are using a two-stage, 50-cent increase in cigarette taxes to lessen — but not to eliminate — controversial income and data processing tax hikes, with the goal of passing a $40.3 billion, two-year state budget plan on Tuesday. The state’s chief business lobby quickly decried the changes as woefully inadequate. Continue Reading →

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New budget includes $200 million income tax hit on middle class

A last-minute component of the new two-year state budget deal includes a $100 million-per-year income tax hike on Connecticut’s middle class, according to budget documents released early Monday. The hit comes in the form of a reduced credit for local property tax payments. Continue Reading →

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Expert has idea that could lessen federal taxes for CT taxpayers

Connecticut’s low- and middle-income households could pay tens of millions of dollars less in federal taxes each year while state officials simultaneously gain access to a wealth of new economic data. But for that to happen, according to one of the state’s leading economists, Connecticut officials first take a fiscal leap of faith – and repeal arguably the state’s most popular tax break.
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McKinney pitches middle-class tax break, less aid for poor

Republican gubernatorial contender John P. McKinney unveiled a plan Thursday to exempt all households earning less than $75,000 per year from the state income tax. But the proposal hinges on several controversial elements, including repeal of a tax credit that saves working poor families almost $120 million per year.

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