$51 Billion Budget Passed In The Connecticut House of Representatives That Includes Historic Tax Cuts

The Connecticut House of Representatives overwhelmingly passed a two-year, $51 billion state budget early Tuesday after they settled with a vote of 139-12  that includes a historic cut to the state’s income tax.

$51 Billion Budget Passed In The Connecticut House of Representatives That Includes Historic Tax Cuts (PHOTO: FOX News)

$51 Billion Budget Passed In The Connecticut House of Representatives

Monday about a three-hour debate the budget package had finally passed in a 139-12 vote in the Democratic-controlled House with strong bipartisan support.

Moreover, Fox News reported the Democrats are also controlled by the Senate which will have to pass the same bill before the General Assembly adjourns its 2023 session at midnight on Wednesday.

Democratic Gov. Ned Lamont is the father of the packet as he was the one who propose it first, Lamont planned tax reduction is predicted to benefit approximately 1 million of the state’s 1.7 million tax filers by permanently reducing marginal rates for the first time since 1996. It’s being billed as the biggest reduction since the tax was first enforced in 1991.

Lamont wants lawmakers to back the package, which will extend the spending by about 7.5 percent over two years. Lamont has formerly noted the state’s fiscal health has enhanced to the point where it can afford to supply permanent tax relief.

For the income year 2024, the plan is to reduce the 5 percent marginal income tax rate to 4.5 percent and the 3 percent rate to 2 percent.

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The Package Will Also Boost The State Aids

The two-year tax-and-spending package that passed in the Connecticut House of Representatives also expands the state aid for local school districts by funding the “baby bonds” program that sets aside up to $3,200 for low-income infants, expands rates for ambulance services, expands an anti-gun violence program to two more cities, increases pay for inmates, supplies funding for striking group home workers, and includes an additional budget for nonprofit social service agencies and state colleges and universities, despite advocates claim that it’s not sufficient to consider the state’s resources.

The Department of Social Services is required to extend ad update state policies regarding coverage of gender care under the state’s HUSKY health insurance program for income-eligible children, parents, and others. This requirement is included in another section of the bill that may stimulate debates.