HARTFORD, Conn. — Lawmakers at the state capitol will be burning the midnight oil Monday to try and pass a $24-billion state budget.
With a more $7-billion projected budget surplus, the state is in a good place financially, but the two parties are squabbling over the best way to cut taxes and for how long.
"This is our third year of a surplus," stated Gov. Lamont. With less than 72 hours left in the legislative session and about 500 bills still technically alive, it’s a mad dash to get stuff done under the gold dome. But a lot of it will get left on the cutting room floor, and a lot of it will have to wait until after the budget vote.
"These are tax cuts that are going to make a difference for you right now, right in the middle of this inflationary period," remarked Gov. Lamont. Here's some of what's in the 673 page state budget. A historic $600 million in tax cuts. It continues the gas tax cut through Dec 1, expands the property tax credit, freezes the car tax in most communities, put in place a child tax credit of $250 per child up to three kids and boosts the earned income tax credit "This helps my community in so many ways," remarked East Hartford Mayor Mike Walsh.
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The AARP stood behind Gov. Lamont as he highlighted the budget. Their members are happy that seniors will no longer have to pay taxes on their pensions. "It will help them keep more of their hard earned money in their pockets where it belongs," said Nora Duncan of AARP Connecticut. West Hartford resident Jerry Roisman said the tax savings means he won’t have to move to Florida. He called the budget, "A bright light for this state. Contradicts a lot of the criticisms of the state."
Republicans, who proposed an even higher $1.2-billion tax cut, said most of the tax relief is temporary. "There’s no reduction to income taxes which we could have done. We could have fully restored the property tax credit for homeowners," said State Rep. Vincent Candelora, the House Republican leader.
The Republicans say they didn’t have a seat at the negotiating table. "Regardless of what the outcome is. We’ve had very little input which is not good for Connecticut. It should be more deliberate and collaborative," said Candelora.
Aside from tax tax cuts, the budget also boosts funding for things like pension liabilities, mental health services, childcare, and education.
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