Connecticut Gov. Lamont Proposes $336 Million in Tax Cuts

Gov. Ned Lamont said he is proposing a package of legislative proposals that would provide for $336 million in tax relief for state residents.

The governor announced the first package of tax aid comes as the state has a projected $1.48 billion surplus in its operating budget. The surplus, Lamont said, enables the tax cuts to be built into the budget and will ensure the state’s Rainy Day Fund remains strong.

“When I took office three years ago, Connecticut had a $3.7 billion deficit with projected deficits for many years to come, and for the sake of our economic future I made it a commitment to turn that instability around and strengthen our state’s fiscal health,” Lamont said in the release. “Today, Connecticut has a surplus, and we did it without broad-based tax increases, and while making an historic investment in our pension obligations and leaving the Rainy Day Fund untouched. Connecticut’s fiscal health is stronger than it’s been in decades, and now we can move toward the next phase of the Connecticut comeback – cutting taxes for the people who live here.”

Lamont said he asked budget analysts to crunch numbers as to how taxes could be cut in a responsible fashion that wouldn’t negatively impact the state’s financial standing.

Rep. Kevin Kelly, R-Stratford, who serves as Senate Republican leader, issued a statement regarding the governor’s proposed tax cuts, saying, “Unfortunately, there is no actual relief here until next year!”…(Excerpts from Virginia Star)