Lawmakers are expected to endorse income tax cuts for the working poor and middle class, as well as a new child tax credit.
The plan includes one of the largest tax breaks in state history for working class families.
A decision on state bonding will have to wait until the legislature convenes a special session this summer.
None of the options are good for Democrats, who must decide whether to spread additional tax pain to low and middle-income residents or ask the state’s wealthiest to pay more.
The legislature’s Finance, Revenue and Bonding Committee approved a bill Thursday that could launch Connecticut’s own sports betting industry — provided the U.S. Supreme Court gives the green light to such activity.
The arguments surrounding a bill to eliminate Connecticut’s estate tax — a bill not expected to advance this year – might offer a preview of the battle some anticipate next year over the fairness of the state’s tax system.
A legislative panel not only recommended hefty tax increases to balance the next state budget, but also endorsed enough to run up more than $300 million in surpluses by 2017. The reason for doing that became apparent late Thursday when a new report downgraded how much revenue growth the state can count on in its new budget.
It’s easy to get lost in the numbers of the new revenue plan a legislative panel recommended Wednesday for the next two-year state budget. For those keeping score at home, here’s a rundown of the major points of the Finance, Revenue and Bonding Committee’s plan.
A key legislative panel broke Wednesday with Gov. Dannel P. Malloy by recommending a plan that bolsters state tax and fee receipts by more than $1.8 billion over the next two fiscal years, including more than $540 million in new income taxes on the wealthy and an overhaul of the sales tax.
The legislature’s tax-writing panel Wednesday will consider recommending an increase in income taxes on Connecticut’s wealthiest households, retroactive to Jan. 1, to help close the large deficit in the next budget, according to sources. The Democrat-controlled Finance, Revenue and Bonding Committee also will consider significantly extending the sales tax to new goods and services as part of a plan to overhaul non-education municipal aid and limit local car taxes.
She might be the most important person in state government that you’ve never heard of. The caretaker of thousands of bills for the legislature’s finance committee, arguably the assembly’s most powerful. The possessor of a deep passion for her Irish heritage and the Boston Red Sox. Mary Finnegan announced last week it was all coming to an end – except for her love of all things Irish and the Sox.
Gov. Dannel P. Malloy cleared a big hurdle Tuesday in his bid to provide a $55-per-person rebate to taxpayers when the legislature’s tax-writing panel endorsed the plan.
The Finance, Revenue and Bonding Committee unanimously backed the governor’s proposed aid plan to UTC – designed to trigger a major corporate expansion in Connecticut.