Since its inception in 1991, Connecticut’s income tax has been raised four times, new brackets have been added, and the income tax has become the state’s largest source of revenue, projected to bring in $9.4…
Taxes
Gov. Ned Lamont released his biennial budget proposal to close a $2.5 billion deficit, which relies on a mix of federal aid, a continued delay of sales tax revenue for municipal grants and maintaining some…
A new study released by the Pioneer Institute in Massachusetts has a warning for Massachusetts lawmakers who may consider raising the state’s income tax rate: Don’t be like Connecticut. Connecticut’s Dangerous Game: How the Nation’s…
If you live in Connecticut but work in New York, you end up paying income taxes in New York and receiving a credit from the state of Connecticut, known as the convenience rule. But what…
As Connecticut’s legislature is sworn in, lawmakers and the governor will enter into the 2021 legislative session with a hefty Rainy Day fund but, because of the pandemic, also face lower revenue, budget deficits and…
Connecticut Voices for Children, a New Haven-based think tank, outlined their plan to achieve economic justice through increasing taxes on Connecticut’s top earners in a report published this month and in an online presentation that…
The Tax Foundation released its annual ranking of states based on their overall business tax climate and placed Connecticut 47th in the country, besting both New York and New Jersey but falling short of other…
Gov. Ned Lamont submitted a budget proposal on October 1 that draws down Connecticut’s Rainy Day Fund by $1.8 billion, maintains the corporate surcharge tax and implements a hiring freeze to bridge a projected $2…
The coronavirus has shut down the Capitol and LOB until March 30 as a full “disinfecting” of the building is being done. In addition, there will be no public hearings next week. While the building…
It was a whirlwind week at the Capitol as various committees held public hearings and committee meetings. On Monday, the Transportation Committee held a public hearing on several bills, including SB 213, the Governor’s CT2030…