The Budget We Passed Promotes Fiscal Stability & ResponsibilityJune 6, 2023
After months of negotiations, the House of Representatives delivered a state budget that includes the largest income tax cut in the state’s history and significant increases in funding for Danbury's public schools, also known as Education Cost Sharing (ECS) funds.
This balanced, bipartisan budget maintains our commitment to promoting fiscal responsibility and stability to continue strengthening our economy, while delivering on key investments to support children, working families, and seniors.
With this good budget stewardship and honoring the fiscal guardrails, we will maintain our excellent credit rating and pay down debt.
- Deposits $3.3 billion into the Rainy Day Fund, helping us maintain a high credit rating and preparing us for any possible economic downfall.
- Pre-pays an additional $2.072 billion in unfunded pension liability.
- Includes the largest Personal Income Tax Cut in CT history ($190.6 million in Fiscal Year 24 and $421.7 million in Fiscal Year 25).
- Exempts more retiree income from the state income tax.
- Continues the Earned Income Tax Credit at its highest historic level that helps our neighbors who have low incomes (Most families of four with an income of up to $50,00 will not pay state income taxes)
- Increases funding to towns – helping stabilize and lower local property taxes
- Continues property tax credits for homeowners
Supports Our Robust Safety Net Services by:
- Funding our nonprofit providers – 2.5% cost of living increases for critical service workers
- Making historic investments of over $30 million for residents with Intellectual and Developmental Disabilities (IDD)
In the coming weeks, I plan to share more details on provisions in the measure to help you understand what this means to you. I will report on the unprecedented levels of support for Danbury's public school students. I will explain how the tax cuts will work. I am looking forward to the Senate voting on this bill and moving forward to implementing it.
As always, do not hesitate to contact me on any issue or concern.