HARTFORD – Gov. Dan Malloy recently signed a new piece of legislation—part of which rescinds some of the tax hikes that were so controversial when the budget passed the Legislature back on June 3.
But while there are some adjustments that will make things sting a little less, there’s also still some areas that will cause you to pay more.
Here are six examples of your tax outlook:
- Connecticut’s income tax structure is about to change. For high-income households, the top rate will rise to 6.99 percent from 6.7 percent.
- Property tax credits for income-tax filers will be reduced from $300 to $200 in the 2017 fiscal year.
- Car washes will now collect a sales tax.
- All clothing and footwear will now carry a sales tax. Previously, items costing less than $50 were exempt from sales tax, but that’s no longer the case.
- The state’s corporate tax structure is changing. Big companies can apply tax credits against a maximum of 50.01 percent of total tax liability, instead of 70 percent.
