Lamont Proposes Tax Credit Hike

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property tax credit

Hartford Courant

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US Politics

CT Gov. Lamont unveils 2-year budget with tax cuts, funding for homeless, child care, regionalization

Summary

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71% Informative

Gov. Ned Lamont unveils new two-year budget with increased funding for programs related to a tweak’ to the state’s fiscal guardrails.

Lamont proposed an increase in the popular property tax credit to $ 350 , up from $ 300 , per tax filer.

The proposed change would allow $593 million in additional spending over the next two years that would not have been possible without the changes.

The current $26 billion state budget would increase to nearly $27 billion in the next fiscal year that starts on July 1 .

While individual taxpayers would see a combined $85 million in relief per year with the increased property tax credit, the tax increases would be imposed on hospitals and businesses.

The Connecticut Hospital Association calls Lamont 's budget proposal "devastating".

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semi-formal

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English

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