Connecticut lawmakers debate proposals designed to save people money next tax season

Back • Publication Date: March 25, 2022 • Fiscal & Economics


Several proposals were talked about on Capitol Hill to extend the state’s property tax credit to more residents and increase the dollar value.
Gov. Ned Lamont has proposed raising the credit to $300, along with slashing auto property taxes.
The bill that was debated Friday wouldn’t cut the car tax, but it would extend the credit to more families.
Another bill in front of the Finance Committee would adjust income tax rates and brackets to account for inflation.
Advocates say when the state first imposed the income tax in 1991, a family making up to $48,000 could hold back $24,000 from the tax.
They say inflation pushes families into higher tax brackets even as wages stagnate relative to the cost of living.
The property tax credit bill that was discussed Friday would also see that credit increased along with inflation in the future.
Authors: News 12 Staff •  Source: News 12 • View