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Governor's Budget Provides for More Taxes for Everyone

February 23, 2011

Authors: Alan E. Lieberman, Louis B. Schatz, Raymond J. Casella

Faced with a projected state budget deficit of approximately $3.7 billion for each of the next two fiscal years, Governor Dannel Malloy has submitted to the Connecticut General Assembly a biennial budget that is projected to increase state tax revenues by more than $1.5 billion for the 2012 fiscal year and by more than $1.3 billion for the 2013 fiscal year.

The tax law changes are significant and likely will affect every Connecticut taxpayer. This bulletin summarizes the principal tax law provisions as currently drafted. We recommend caution when planning for these changes, however, as they are part of a budget plan that relies upon the State’s ability to secure significant savings attributable to concessions from state employee unions. If these savings are not realized, further budget cuts and/or tax increases may be forthcoming. In addition, the Connecticut General Assembly may add to, reject or modify certain of the Governor’s proposals. To view the complete summary, please click here.

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