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Jeffrey neiman

CT income tax rate would be lowered for some, erased for others under Gov. Ned Lamont proposal

February 6, 2023 by www.chron.com Leave a Comment

In what would be the first reduction of the state income tax since 1996 and the largest since its adoption in 1991 , Gov. Ned Lamont on Monday said he will ask the General Assembly to cut the 5 percent rate to 4.5 percent, and for those who make less than $50,000 to pay no income taxes. The proposals would provide about $440 million in relief for 1.1 million of Connecticut's 1.7 million tax filers. "It's a long time coming," said the governor outside the East Hartford Community Cultural Center, stressing that working families and essential workers are the chief targets for the relief. Lamont will formally make the proposal on Wednesday, when he introduces his two-year spending proposal to the General Assembly. "This is the biggest tax cut since the dawn of the income tax in the state of Connecticut," said Lamont. Under the plan, those families who make less than $50,000 would pay no income tax, after their current 3 percent tax rate gets reduced to 2 percent. Those making less … [Read more...] about CT income tax rate would be lowered for some, erased for others under Gov. Ned Lamont proposal

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