After months of negotiations, we delivered a new two-year 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.
K-12 needed more resources, so we prioritized educational spending and special education funding.
What do the numbers look like for Manchester? The town will receive an increase of more than $1.8 million in FY 24 from FY 23, and an increase of more than $4 million in FY 25, for a total increase of more than $5.8 million for the next two years.
The tax cut highlights of the budget include:
Includes the largest Personal Income Tax Cut in Connecticut history ($190.6 million in FY 24 and $421.7 million in FY 25)
Exempts more retiree income from the state income tax
Increases funding to towns, which helps stabilize and lower local property taxes
Continues property tax credits for homeowners
This balanced, bipartisan budget maintains our commitment to promoting fiscal responsibility and stability to continue strengthening our economy, while delivering for Manchester on key investments to support children, families and seniors.
