The Connecticut Senate voted 35-1 to approve the new two-year, $51.1 billion state budget.
The budget, which cleared the House 139-12 early Tuesday morning, 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.
“I feel very good knowing that here in Connecticut we can successfully work across the aisle in a bipartisan manner to do what is right for the residents of our state,” said Gov. Ned Lamont. “I thank the leaders of both parties for working with my administration to get this biennial budget approved, and I applaud all of the lawmakers who saw to it to vote in its favor and send it to my desk.”
Lamont has not announced when he will sign the budget into law. The legislative session ends tonight at midnight.
