House Republicans Offer Plan to Provide Much Needed Tax Relief
Key Takeaways
- Republicans propose more than doubling the state's maximum tax credit.
- Plan expands income eligibility roughly $20,000 single, $30,000 joint.
- Connecticut loses about $340 million annually under the New York convenience rule.
Representative Weir and his House Republican colleagues are working to provide residents with real tax relief, not election year gimmicks. Our first proposal would provide permanent tax relief by more than doubling the maximum credit. This would expand income eligibility by approximately $20,000 (for single filers) and ($30,000 for joint filers), benefitting more than 800,000 filers across our state.
Connecticut is losing roughly $340 million to New York due to the "convenience of employer" rule. Under this rule, Connecticut residents who are employed by a New York company (but work remotely) are paying income taxes to New York rather than Connecticut.
The House Republican's plan would bring that money back to the taxpayers of Connecticut through sustainable relief.
Read more here.