**Update: Gov. Ned Lamont announced Friday that the Department of Revenue Services will revise its guidance to eliminate the sales tax on items from grocery store aisles** As Gov. Ned Lamont heads into meetings with […]
Rep. Christopher Davis
In response to President Donald Trump’s tax bill that limited state and local tax deductions – known as SALT deductions – Connecticut developed a novel way to allow business owners to avoid getting hit with […]
Connecticut owes more on the state credit card per resident than nearly every other state in the country, according to a new study.
Gov. Dannel Malloy’s $10 million bond for a new study on tolls sailed through rough waters during the Bond Commission meeting today, but ultimately the governor had his way.
Connecticut’s proposed family medical leave program would cover employees who wish to visit their “third cousin, once removed that had some kind of family medical issue,” according to an exchange between Representatives Christopher Davis, R-Ellington, and Jason Rojas, D-East Hartford at a Finance, Revenue and Bonding Committee meeting last week.
Connecticut’s bond commission approved $10 million in bonding to help the City of Hartford lure a professional soccer team to the city, and $5 million to upgrade the Church Street parking garage which serves the XL Center.
Although Connecticut’s 2017 budget crisis may have come to an end when Gov. Dannel Malloy signed the bipartisan budget on Tuesday, the next budget promises to be just as difficult.
The nonpartisan Office of Fiscal Analysis is already projecting a $4.6 billion deficit, largely due to the rapidly rising costs of pensions, retiree healthcare and debt service combined with declining tax revenue. Fixed costs now consume more than 50 percent of General Fund expenditures.
As Gov. Dannel Malloy and the state bond commission raced through their votes on $350 billion in new borrowing Friday, Connecticut’s credit rating was downgraded by Fitch Ratings Agency, giving Connecticut the third worst bond rating of the 50 states.
But Connecticut’s lagging economy and heavy debt burden did not prevent the bond commission from borrowing nearly $50 million to give loans and grants to companies through the Department of Economic and Community Development.
Gov. Dannel Malloy proposed definitions earlier this year to finally implement the 25-year-old constitutional spending cap. His budget chief admitted Monday that, unless lawmakers pass the administrations' proposed definitions, his proposed budget will exceed the existing cap by $153 million.
