The CT Mirror (https://ctmirror.org/tag/property-tax/)
Now that Congress has passed a massive federal tax overhaul, political observers here agree it could have a chilling effect on future proposals to raise the Connecticut income tax — even 14 months from now when a huge deficit looms in state finances. But liberals and conservatives were split over whether this is a good thing, as huge pressures are projected to test state finances in unprecedented fashion in the coming years. Continue Reading →
WASHINGTON – The U.S. House on Thursday approved a wide-ranging overhaul of the federal tax code that will lower taxes for many in Connecticut, while hiking them for some, especially in middle-class tax brackets. The Institute for Taxation and Economic Policy said 305,000 Connecticut households earning less than $197,000 would see a tax increase under the bill. Continue Reading →
WASHINGTON — Connecticut Commissioner of Revenue Services Kevin Sullivan says the House GOP tax bill “could provide some economic stimulus…for states like Connecticut,” but he also said the plan is “fundamentally flawed” and that many in the state would end up owing more in federal income taxes. Continue Reading →
John A. Elsesser, longtime Coventry town manager, has been one of the leading figures in municipal government for nearly four decades. He understands the varied and intensifying fiscal pressures facing Connecticut and its municipalities, recognizes the need to raise revenue; and sees one possible way to do it fairly — a commercial activities tax. Continue Reading →
Senate President Pro Tem Martin M. Looney of New Haven called Friday for an optional local sales tax increase to help cities and towns control property tax rates. This would add a local surcharge of one-half of 1 percentage point to the existing 6.35 percent state sales tax. Continue Reading →
Just days after a landmark state court ruling found Connecticut’s education funding system to be “irrational and unconstitutional,” the chief lobbying group for cities and towns issued a new research paper calling the municipal property tax system “unsustainable.” Continue Reading →
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. Continue Reading →
In light of surging state budget deficits, municipal leaders were skeptical Tuesday that their communities would receive the hundreds of millions of dollars in state sales tax receipts owed them over the next three years. The Connecticut Conference of Municipalities also used their annual lobbying day at the Capitol to urge legislators to spare them from new mandates and to postpone and reform a new municipal spending cap. Continue Reading →
The panel studying Connecticut’s taxes off-and-on for two years has wrapped up its work struggling to find consensus on arguably Connecticut’s most onerous levy: the municipal property tax. Continue Reading →
The State Tax Panel is kicking off a four-month study of the state’s tax system and economy, but in theory it will not address whether taxes are too high or too low, or whether certain groups should pay more or less. Continue Reading →
A wide range of legislative priorities that failed to clear both chambers of the General Assembly before the June 3 end of the regular session won final approval early Tuesday as part of a massive budget implementation bill. The 686-page everything-but-the-kitchen-sink bill also includes several controversial new provisions. Here’s what’s in it. Continue Reading →
Gov. Dannel P. Malloy left open the possibility Thursday that he and the legislature could revisit one of the most controversial business tax hikes in the new two-year budget when lawmakers meet in special session later this month. Continue Reading →
Legislative leaders struck a tax deal with the administration of Gov. Dannel P. Malloy moments before midnight Saturday, setting the stage for action Monday on a biennium budget that would raise taxes on the wealthy and business, while funding property-tax relief and transportation. Continue Reading →
Sources say legislative leaders and Gov. Dannel P. Malloy’s administration are creeping up on a tentative agreement on a new two-year budget. Few details have leaked, but the sources said spending will be less than the legislature’s Appropriations Committee has recommended, and the latest talks have centered on the taxes that will be required to balance the budget. Continue Reading →
Gov. Dannel P. Malloy cautioned legislative leaders in overnight budget talks against using a sales-tax increase for municipal aid, saying he sees the tax as a likely funding source for his ambitious transportation initiative, sources said Thursday. Continue Reading →