Several tax cuts passed by legislators in the General Assembly earlier this year are set to go into effect in less than two weeks, and Gov. Ned Lamont wants to remind everyone about them.
The governor’s office issued a press release Wednesday highlighting cuts to the state income tax, an increase in a tax break for low-income workers called the Earned Income Tax Credit and an expansion of tax exemptions for pensions and annuities that seniors rely on.
In total, the three measures will cut Connecticut residents’ tax burden approximately $460.3 million over 2024 and 2025, Lamont’s office said, and will be paid for by unrelated predictions of an increase in state revenues in the coming years. The income tax cut, in particular, could benefit 1 million tax filers, his office said. It’s the first cut to the income tax rate since the mid-1990s.
“We enacted these tax relief measures to provide broad-based tax relief to those who need it, specifically middle-income workers, low-income workers, and seniors,” Lamont said in a statement. “These tax cuts are possible due to the fiscal discipline that we’ve implemented over the last five years, which has stabilized the state’s fiscal house and ended a trend of too many years of deficits and uncertainty.”