The Budget We Passed Promotes Fiscal Stability & Responsibility

June 7, 2023





*|MC:SUBJECT|*


View this email in your browser



Dear Neighbor,



After months of negotiations, yesterday 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 local 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, families and seniors.

 

With this good budget stewardship and honoring the fiscal guardrails, we will maintain our excellent credit rating and pay down debt.

Key highlights:
  • 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 FY 24 and $421.7 million in FY25).
  • Exempts more retiree income from the state income tax.
  • Continues our car tax cap
  • 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
  • Providing funding to group home employees – roughly a 4.5% pay increase
  • 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. I am looking forward to the Senate voting on this bill and moving forward to implementing it.

As always, please feel free to contact me with any questions, comments or concerns at Robyn.Porter@cga.ct.gov or 860-240-8585.



Sincerely,



Robyn Porter

Facebook
Facebook
Website
Website
Email
Email

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