My colleagues and I delivered on our promise to lower taxes for those who need the most help. According to a report from the Center on Budget and Policy Priorities, Connecticut is a leader on tax relief for low- and middle-income earners. While other states cut taxes for the wealthy and corporations, Connecticut stands out for providing nearly $500 million in relief for individuals and families.
Below are some of the highlights of tax relief we passed this year:
- Lowering the income tax rates to save many middle-class households $300-$500 a year
- Raising the state income tax credit from 30.5% to 40% of the federal Earned Income Tax Credit - providing $210 on average for households earning less than $60,000 per year
Expanding an existing exemption for certain pension and annuity earnings, providing additional financial security for retirees and those close to retirement