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Key highlights:
- Deposits $3.3 billion into the Rainy Day Fund, helping us maintain a high credit rating and preparing us for any possible economic downfall.
- Pre-pays an additional $2.072 billion in unfunded pension liability.
- Includes the largest Personal Income Tax Cut in CT history ($190.6 million in FY 24 and $421.7 million in FY25).
- Exempts more retiree income from the state income tax.
- Continues our car tax cap
- Increases funding to towns – helping stabilize and lower local property taxes
- Continues property tax credits for homeowners
Supports Our Robust Safety Net Services by:
- Funding our nonprofit providers – 2.5% cost of living increases for critical service workers
- Providing funding to group home employees – roughly a 4.5% pay increase
- Making historic investments of over $30 million for residents with Intellectual and Developmental Disabilities (IDD)
In the coming weeks, I plan to share more details on provisions in the measure to help you understand what this means to you. I am looking forward to the Senate voting on this bill and moving forward to implementing it.
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