Tax Cuts and Recognition of Local Businesses

January 8, 2024


 
View this email in your browser
Dear Neighbor,
I hope this email finds you well and in high spirits. With a new year, comes new updates! In this email, you will find the following:
  • Recognizing David Minicozzi
  • Celebrating Funding for Parkside II Village
  • The Connecticut Public Transportation Council
  • Tax Relief Measures in 2024 

I hope you find this information valuable and informative.  As always, if I can be of any assistance, please don't hesitate to email me directly or call my office at (860) 240-8585.
 
WHAT I'VE BEEN UP TO
Recognizing David Minicozzi
Recently, I had the privilege of presenting David Minicozzi with a citation recognizing that 2023 marked 35 years of his firm being in business. A graduate of UConn and Western New England University School of Law, David began his private practice in family law back in 1994. As a member of the New Haven County Bar Association,  he has supported many charitable and business organizations, including the Shoreline and East Haven Chambers of Commerce, the Branford Lions Club, and the Branford Green Committee.

It was an honor to recognize and celebrate David's achievements, his unwavering dedication to the Town of Branford, and his profound impact on the community through his volunteer work. David's commitment to serving others and making a positive difference in the lives of those around him is truly inspiring.

 
Celebrating Funding for Parkside II Village
I was pleased to join Parkside II as they received a delivery of a truckload of energy-efficient appliances purchased with the $10,000 IOREBTA state grant I secured. Parkside II Village has provided housing for seniors and the disabled with extremely low to moderate means under the guidance of the Branford Housing Authority. These energy-efficient appliances are desperately needed and will immediately improve residents' living conditions and safety.

I wish to credit Gerry Vece from Halllock's Appliance Store in Branford for his incredible generosity and partnership. His kindness enabled the Branford Housing Authority to maximize a small state grant. Not only did he provide a significant discount on the 22 energy-efficient refrigerators and stoves, he went above and beyond by offering to remove the old appliances at no additional cost.
(L-R) Kate Collins, State Representative Robin Comey, Jen Foito, Jonathan Kopylec, Todd Florio, and the crew from Hallock's Appliance Store at Parkside II Village on Friday, January 5, 2024.
I’m happy to be a part of these efforts and am thankful for the legislature’s Housing Committee, Branford Housing Authority, and, of course, the support of the management and staff of Beacon Communities. To read more from The Sound visit the article here. 
 
LEGISLATIVE UPDATES
The Connecticut Public Transportation Council
Last legislative session the legislature established a body to advocate for transit commuters in our state. The Connecticut Public Transportation Council was created to engage with all transit commuters, including buses, railroad commuters, and all other forms of public transportation.
To learn more visit the website here. You can also read this CT Mirror opinion piece by James Gildea, chairman of the Council by clicking here.
 
 
Tax Relief Measures in 2024
As a result of fiscal responsibility and bipartisanship in 2023, I am pleased to share that significant relief is on the way for many Connecticut taxpayers in 2024!

Three tax relief measures took effect on January 1st, including the largest income tax cut in state history, an increase in a tax credit aimed at the lowest-income workers, and an expansion of exemptions on certain pension and annuity earnings that will benefit the senior population.

Keep reading for a closer look at the tax cuts, who specifically benefits, and how. 
 
One million filers to benefit from income tax cuts

The changes enacted in 2024 will see a decrease in the two lowest rates:
  • The 3% rate on the first $10,000 earned by single filers and the first $20,000 by joint filers will drop to 2%.
  • The 5% rate on the next $40,000 earned by single filers and the next $80,000 by joint filers will drop to 4.5%.

The relief targets middle-class tax filers and is capped at $150,000 for single filers and $300,000 for joint filers. This is the first time that rates have been reduced in the state since the mid-1990s and it represents the largest income tax cut enacted in state history.
For more information on single filers, please click here. For joint filers, please use this link.
 
Connecticut’s Earned Income Tax Credit for low-income workers becomes one of the largest in the U.S.

The EITC in Connecticut is increasing from 30.5% to 40% of the federal EITC and will provide an additional $44.6 million in state tax credits to the approximately 211,000 low-income filers who receive the credit. More than 95 percent of filers who receive this credit are families with children.
The Connecticut EITC is a refundable state income tax credit for the lowest income working individuals and families that mirrors the federal EITC.
 
Expanding certain deductions for IRA distributions and pension and annuity earnings for seniors

The state budget eliminates the retirement income tax cliff by adding a phase-out for allowable pension annuity and IRA distribution deductions against the personal income tax.
Approximately 200,000 filers benefit from the currently enacted retiree exemption limits. It is estimated that with these changes, an additional 100,000 filers could benefit from the elimination of the retirement cliff via the exemption phase-out. 

I would like to thank all my colleagues for working diligently during the 2023 legislative session to help provide this tax relief for many of our hardest-working state residents. These three measures will reduce tax burdens on CT taxpayers by $460 million! 
 
As always, your concerns and opinions are important. Please continue to reach out to me to share your thoughts, ideas, and questions.
Sincerely,

Robin Comey
State Representative
Facebook
Facebook
Website
Website
Email
Email

Forward to a friend | Unsubscribe from this list | Update subscription preferences