Connecticut”™s House of Representatives approved a $51.1 billion biennial budget early this morning in a bipartisan 139-12 vote.
The budget allocates $25.1 billion for the new fiscal year that begins on July 1 and another $26 billion for the following fiscal year. Among the budget”™s provisions are a reduction in the state income tax from the 5% rate to 4.5% and the 3% rate to 2% for the income year 2024, an increase in the Earned Income Tax Credit from 30.5% to 40%, significant spending increases for local schools and social services, and $810 million in capital support towards housing development and housing financial assistance.
The budget will go to the Senate, which needs to vote on the budget as soon as possible ”“ the legislative session ends at midnight on Wednesday.
“This budget will deliver the largest personal income tax cut in the state”™s history,” said Gov. Ned Lamont. “This is not a temporary tax cut ”” it is designed to be sustainable for years to come. At the beginning of the legislative session, I promised that this budget would build growth and opportunity for all of Connecticut, and this agreement does just that.”
