Posted on May 2, 2023
2024-2025 plan provides more tax relief than Governor and Democrats, invests in key areas including education and nonprofit social safety net providers
HARTFORD—House Republicans on Tuesday released a balanced budget proposal that provides more than $1 billion in broad-based tax relief to Connecticut residents while also making historic investments in education and providing more funding for nonprofit providers.
“While Connecticut residents have growing concerns of affordability, House Republicans have unveiled a state budget which offers the financial relief they’re seeking and funds the core services that taxpayers rely on,” Rep. Zawistowski, member of the Appropriations Committee, said. “I am extremely proud of this proposal and that we are honoring our promise to provide relief for those most in need while upholding our strong fiscal safeguards.”
The two-year $51.9 billion plan from House Republicans constrains overall spending growth in the general fund to less than zero percent in FY24 and 2.5 percent in FY25. The Republican plan offers $1.16 billion in tax relief through a variety of means, including a retroactive structural middle-class income tax cut with additional relief for seniors and, for the first time, a state child tax deduction for everyone at a rate of $2,000 per child.
The Republican budget meets the challenge of funding core government services, and in several cases spends more in key areas than Democrats. That includes a $290 million investment in local education funding that provides fully funded special education grants (more than $50 million) for the first time. The budget matches Democrat-level funding for colleges and universities but also installs new reporting requirements for both the UConn and CSCU systems. The plan also provides a 2.5 percent increase for nonprofit service providers.
(Download full documentation at taxreliefbudget.com)
Tax Relief for Connecticut Residents ($200 million more than Governor or legislative Democrats)
Supporting Students, Parents, Educators
Greater detail at: taxreliefbudget.com