State Budget Invests in Connecticut's Future, Has No Tax IncreasesJune 9, 2021
The new state budget passed by the House has no tax increases while heavily investing in our cities and towns, local nonprofits and families needing vital assistance.
This budget also puts Connecticut on stronger financial footing, by maintaining a historic balance in the state's reserve "Rainy-Day Fund" and paying down long-term debt, all contributing to our first credit upgrade in decades.
We recognized that during these challenging and unprecedented times, Connecticut needed to rally behind our people, businesses and industries.
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.
Relief for restaurants:
- Connecticut restaurants have faced many hardships due to the COVID-19 pandemic. Our budget allows restaurants and bars to keep 13.6% of the 7.35% sales tax they collect on sales of meals and beverages.
- Our budget is designed to jumpstart Connecticut's economy with targeted investments and sound fiscal policy.
You can read the CT Mirror article on the passage of the budget here.