Connecticut Senate passes $51B budget

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.