Thrown a last-minute challenge to collect an extra $75 million in revenue for the past fiscal year, state tax officials topped the mark, collecting nearly $86 million in miscellaneous receipts before the fiscal year ended on June 30.
Sales Tax
Posted inCT Viewpoints
Connecticut’s new budget: Something painful for everyone
When the budget implementer bill was presented to the House chamber during the special session on June 29, we had mere hours to read it over and realize that despite some changes made for the better, this budget didn’t do nearly enough to steer Connecticut in the right direction. Much discussion has been focused on corporations and the unconscionable unitary tax placed upon them, but make no mistake; this budget does not discriminate in regards to its negative impact upon both businesses and residents.
Posted inEducation, Money, Politics
Retired teachers buck CT budget trend and get a tax cut
What separates retired Connecticut teachers from the working poor, middle-income consumers, corporations and insurance companies? In the context of the new state budget, it’s the ability to get a tax break.
Posted inEducation, Health, Money, Politics
Legislators vote to roll back a share of CT business tax hikes
The General Assembly sent a revised biennial budget to Gov. Dannel P. Malloy early Tuesday, rolling back $178 million of the $1.5 billion worth of tax hikes built into the original plan.
Posted inMoney, Politics
Fasano bends his fiscal principles to rebalance GOP budget
One of the most vocal critics of Gov. Dannel P. Malloy and Democratic legislators, Senate Minority Leader Len Fasano, discovered recently it’s not so easy to balance a budget without compromising on fiscal principles.
Posted inEducation, Money, Politics
Looming deficits already threaten transportation, town aid initiatives
A new, two-year state budget would make unprecedented investments in communities and transportation. But while Gov. Dannel P. Malloy insists his transportation investment will be protected by a legal lockbox, and Democratic lawmakers profess their commitment to local aid, looming deficits that start arriving in 2017-18 have advocates for both constituencies admitting they’re worried.
Posted inMoney, Politics
Malloy seeks to roll back $220M in business tax hikes
Gov. Dannel P. Malloy proposed Friday to roll back about $220 million in business tax hikes before they take effect in the new two-year state budget July 1 and replace them with still-to-be-identified spending cuts. Legislative leaders offered no ready endorsement, saying they will review the plan.
Posted inMoney, Politics
On these ‘major victories,’ Malloy celebrates alone
Gov. Dannel P. Malloy forced legislators to yield to his every key tax demand in budget negotiations last week, including setting aside a portion of the sales tax for the long-term transportation improvements that could be the governor’s legacy. Now comes the harder task: Convincing the rest of Connecticut to accept his priorities and ignore the outcry over higher taxes on business.
Posted inMoney, Politics
Senate Dems threaten ‘nuclear option’ to pass budget, $2B tax hike
Senate Democrats took the extraordinary step in the final hour of the 2015 session Wednesday of threatening to cut off debate to ensure passage on a 19-17 vote of a new state budget that raises tax revenues by $2 billion.
Posted inEducation, Health, Money, Politics
House adopts controversial state budget
Connecticut’s long-running budget drama began drawing to a close early Wednesday as the House of Representatives adopted a $40.3 billion, two-year package that largely restores deep cuts to social services and expands municipal aid while bolstering tax revenues by almost $2 billion.
Posted inMoney, Politics
Proposed state budget diverts most new transportation dollars
Updated at 9:44 p.m.
While the tentative state budget deal technically dedicates $436 million in sales tax receipts over the next two years to stabilize transportation finances and back a major infrastructure overhaul, that same spending plan effectively diverts more than 85 percent of those funds for non-transportation programs.
Posted inMoney, Politics
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.
Posted inNews
Legislators, Malloy hovering on brink of a state budget deal
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.
Posted inMoney, Politics
Malloy targeting sales tax increase for transportation
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.
Posted inMoney, Politics
For cities, towns: Does blocking mandates trump new state aid?
Despite a Senate Democratic plan to pump $700 million in sales tax receipts into communities over the next two years to relieve property taxpayers, municipal leaders took aim Wednesday at another of the caucus’s key initiatives: a mandated expansion of workers’ compensation for police and fire-fighters.