Budget Designed to Jump-start the State's Economy
Last night the House passed a $46.4 billion budget that heavily invests in Connecticut towns, local nonprofits and families needing vital assistance. But for the first time in our state we passed a budget with a $2.3 billion surplus built into it, showing signs of a brighter future for Connecticut's economy.
Over the past few months, my colleagues in both the Appropriations and Finance, Revenue and Bonding Committees worked tirelessly to draft a comprehensive budget that not only made hyper-local investments, but also jump-starts and bolsters our state's economy for the post-pandemic future – moving Connecticut out of a top rank as one of the nation's most in-debt states.
Jump-starting Connecticut's Economy
We recognized that during these challenging and unprecedented times, Connecticut needed to rally behind the people, businesses and industries that both provide for and directly benefit from a bustling economy. To do this, we:
Invested in disproportionately underserved communities by:
- Providing funding for debt-free community college, ensuring all Connecticut residents have the ability to receive an education regardless of their financial situation.
- Increasing the state’s earned income tax credit, providing tax credits for qualifying working families with children.
Focused on economy-centric legislation and funding that:
- Expands and incentivizes workforce training for prospective employees and employers wanting to relocate to Connecticut.
- Provides COVID-related relief to businesses in need, while promoting equitable business practices.
- Allocates funding to the Connecticut Women's Business Development Council, which provides support and resources for women and minority-owned businesses throughout our state.
Addressed need in the tourism and art industries by:
- Allocating funds to both these industries who saw significant declines in attendance due to closures and safety practices brought on by the pandemic.
- This funding is integral to museums, art centers, and tourist hotspots that are economic drivers in Connecticut.
Our budget is designed to jump-start Connecticut's economy with targeted investments and sound fiscal policy.