Update: April 30- The Connecticut Legislature's Finance Committee has approved a plan that includes tax hikes of $1.8 billion over two years.
The plan increases the income tax rate for Connecticut's wealthiest residents. It also lowers the overall sales tax rate, but extends it to new services, like accounting, dry cleaning, and veterinary services.
Connecticut’s Democratic Governor Dannel Malloy and the Democrats who control the state legislature announced on Friday that they have reached an agreement on a revised budget. The $18.7 billion dollar budget deal follows the disclosure earlier this week that a $500 million budget surplus projected in January had shrunk to $43 million.
GOP leaders in the Connecticut legislature criticized Governor Dannel Malloy’s budget projections on Monday. The Republican leaders said the numbers don’t add up in the governor ’s 2015 budget proposal.
Its official, Connecticut ended the 2013 fiscal year in June with a higher surplus than had been projected. That's according to state Comptroller Kevin Lembo's letter to Gov. Dannel Malloy on Tuesday. The final audited statement for the fiscal year will be transmitted on December 31st.