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Governor Ned Lamont

06/06/2023

Governor Lamont Commends Lawmakers for Approving State Budget Containing Historic Level of Tax Cuts

Governor Intends on Signing FY 2024-2025 Biennial State Budget Bill in Next Several Days

(HARTFORD, CT) – Governor Ned Lamont today is commending the overwhelming majority of bipartisan lawmakers in the Connecticut General Assembly who voted to approve a biennial state budget for fiscal years 2024 and 2025 that includes the largest cut to the state’s income tax rates in Connecticut history and increases to the Earned Income Tax Credit for low-income working individuals and families, while also providing significant increases in funding for K-12 education, child care programs, affordable housing units, and nonprofit providers.

The budget bill – House Bill 6941 – passed the House of Representatives early this morning on a vote of 139-12 and it passed the Senate this afternoon on a vote of 35-1. Now that both chambers of the General Assembly have approved the bill, it will soon be transmitted to the governor’s desk and he will sign it into law.

“We are delivering the largest cut to Connecticut’s income tax rates in state history,” Governor Lamont said. “We are able to do this as a result of the fiscal discipline that we implemented over the last several years that turned around what some once labeled a permanent fiscal crisis and has ended years of instability and deficits. The fiscally responsible policies that we enacted over these last few years were done with the goal of getting us to where we are today. I feel very good knowing that here in Connecticut we can successfully work across the aisle in a bipartisan manner to do what is right for the residents of our state. I thank the leaders of both parties for working with my administration to get this biennial budget approved, and I applaud all of the lawmakers who saw to it to vote in its favor and send it to my desk.”

Notable highlights from the FY 2024-2025 budget:
(Click each chart to enlarge)

Summary of Major Tax Relief Under the Lamont Administration

Personal Income Tax Proposal Sample Savings by AGI

General Government Aid to Municipalities

ECS and Excess Cost Funding Compared to Enrollment Deadline

ECS Excess Cost Funding Increases and K-12 Census Decline

State Operating Funding to UConn

State Operating Funding to UConn Health

State Operating Funding to Connecticut State Colleges and Universities

As required under legislative rules, now that the bill has been approved by both chambers of the General Assembly it will be transmitted to the nonpartisan Legislative Commissioners’ Office for engrossing and supervision of printing in its final form. Once engrossed, it is required to go through an approval process by the Office of the House Clerk, the Office of the Senate Clerk, and the Office of the Secretary of the State before it can finally be transmitted to the governor for his signature. This engrossing and approval process usually takes several days.

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