Nearly 60% of CT cities and towns increased property taxes this year, with most of those tax hikes outpacing the rate of inflation.
property tax
Posted inPolitics
Lamont offers tax relief in jobs plan, but no plan to pay for it
Democratic gubernatorial nominee Ned Lamont unveiled a jobs plan Wednesday centered on three business tax cuts — and a previously disclosed middle-class income tax break — none of which he could provide without solving a much-larger state budget deficit.
Posted inPolitics
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.
Posted inPolitics
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.
Posted inMoney
Connecticut’s attempt to safeguard federal deductions may draw IRS heat
WASHINGTON – Fairfield First Selectman Mike Tetreau hopes to take advantage of a new state law aimed at blunting the impact on his town’s residents of a new cap on certain federal tax deductions. But the bold step the state has taken may face push-back from the IRS.
Posted inMoney, Politics
CT joins other ‘blue’ states in looking to skirt new tax law
WASHINGTON – “Blue” states like Connecticut that say they were targeted in the GOP’s federal tax overhaul are looking for ways to protect their residents from the negative impact of the new cap on the deductibility of state and local taxes.
Posted inMoney, Politics
Federal tax changes further polarize debate over state income 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.
Posted inMoney, News, Politics
As Congress readies tax overhaul, an accountant explains its impact on Connecticut taxpayers
As a historic overhaul of the nation’s tax code nears the finish line, Connecticut taxpayers have deluged their accountants with questions over its impact on their households or businesses. In this Sunday conversation, Andrew Lattimer, a certified public accountant and tax specialist at the West Hartford office of BlumShapiro, explains how the new tax plan would affect Connecticut taxpayers.
Posted inMoney, Politics
Final tax bill improves outlook for CT homeowners, students
WASHINGTON — As House and Senate negotiators of a final tax bill worked to finish the plan Thursday, changes were made that could help Connecticut homeowners and students. A final bill would allow greater deductibililty of state and property taxers and restores some tax breaks for students lost in earlier versions of the bill.
Posted inMoney, Politics
CT CPA’s warn of dire impact of new federal tax plan
WASHINGTON — Connecticut’s accountants are frustrated that they can give clients only limited advice about a massive federal tax overhaul underway in Congress, but predict there will be more losers than winners among individual taxpayers in the state.
Posted inPolitics
Senate approves sweeping tax overhaul despite CT Dem opposition
WASHINGTON — The Senate early Saturday passed a sweeping overhaul of the federal tax code that would end the deductibility of state income taxes and eliminate other popular tax breaks while lowering tax rates for individuals and corporations.
Posted inMoney, Politics
GOP approves tax bill over opposition of CT lawmakers
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.
Posted inMoney, Politics
CT tax commissioner says GOP plan would force many in state to pay more
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.
Posted inMoney, Politics
Senate tax bill would have big impact on CT homeowners, small businesses
WASHINGTON – The Senate decided to go its own way in overhauling the nation’s tax code, and it’s plan would have a different impact on Connecticut taxpayers than a similar House bill. One big change is that Connecticut homeowners would no longer be able to deduct their property taxes on their federal returns.
Posted inEducation, Money, Politics
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.