Connecticut Lawmakers Celebrate and Detail Significant Tax Relief Measures

Connecticut Governor Ned Lamont celebrated bipartisan tax cuts set to take effect in the new year, emphasizing the state's fiscal discipline and the $7.7 billion surplus funds used to pay down pension debt. While the tax cuts provide relief to the middle class, working poor, and retirees, Lamont cautioned against expectations of significant new spending or tax cuts in 2024 due to the state's remaining debts and unfunded pension obligations. The tax cuts, the largest income-tax reduction in state history, will amount to approximately $460.3 million annually and include an increased earned-income tax credit and expanded exemptions on certain pension and annuity earnings.