June 7, 2023

Buckbee Supports State Budget

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HARTFORD – The House of Representatives approved a $51 billion, two-year state budget on Tuesday. State Rep. Bill Buckbee (R-New Milford) voted in favor of the budget bill that delivers historic levels of tax relief and stays within the legislature’s spending guardrails.

“This is the type of product that comes together when both parties agreed to adhere to our spending and borrowing caps. I’m proud to say that this framework improved budget talks, which resulted in a bipartisan agreement. I commend my colleagues on both sides of the aisle in pushing this budget forward – residents and businesses in New Milford will benefit,” said Buckbee.

Tax Cuts

According to Buckbee, the most important component of the budget is significant levels of tax relief. There are several forms of tax breaks throughout the budget, but the income tax cut will benefit most Connecticut residents. It reduces the income tax from the existing 5% to 4.5%; and the existing 3% rate to 2%, with the benefit not impacting those earning $150,000 for single filers and $300,000 for joint filers.

There is also a pension and annuity fix, eliminating the tax ‘cliff’. Income tax exemptions will apply to single filers earning $75,000 and $150,000 for joint filers. The tax rate will incrementally decrease on a sliding scale for those earning above those thresholds, providing relief to many who are living on a fixed income.

“I have heard from residents about the taxation policy on fixed incomes. Connecticut families that have worked their entire careers in our state deserve to stay here. I am glad the budget addresses these concerns,” said Buckbee.

Energy

Buckbee also supported sections of the budget that were crafted to correct flawed sections of the previously passed SB 7. Some of the fixes included an updated of definition of Class 1 renewable energy sources to include more hydro power producers, accounting for the state’s run of the river operations.

Additionally, the bill enhances the administrative structure of the Public Utility Regulatory Authority, providing two-year terms for the chairperson elected by its commissioners. With new reporting and operational standards required of the state’s electric distributors, this longer term will ensure continuity in rolling out pro-consumer policies.

Additionally, the budget:

Adjusts hiring practices, cutting down on wasteful allocations to various state agencies
Invests in non-profit providers, providing enhanced payments
Provides funding for Firefighter I & II training
Increases funding levels for local education, including cost grants for special education spending
Creates a new Fallen Hero account with Comptroller for families of police officers who fall in the line of duty

The final vote tally was 139 to 12. The Senate has also adopted the budget and the governor has indicated he will sign it into law.

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