(The Center Square) – Connecticut taxpayers will see about $460.3 million in tax relief beginning Jan. 1, according to Gov. Ned Lamont.
In a news release, the governor’s office said the three tax relief measures include an income tax reduction, “an increase in a tax credit targeting the lowest-income workers, and an expansion of exemptions on certain pension and annuity earnings to benefit seniors.”
Despite the cuts, Lamont’s office said the state projects tax revenue will increase next year and exceed overall spending growth.
“For example, General Fund revenue is expected to increase by $393.4 million from fiscal year 2025 to 2026 and fixed costs by $254.6 million for the same period,” the news release said.
“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.
