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List of Tax Cuts Approved by Governor Lamont Since Taking Office [[link removed]]
Posted on June 12, 2023
(HARTFORD, CT) – Since taking office in 2019, Governor Ned Lamont has signed legislation enacting more than $840 million in permanent tax cuts.
Summary of Major Tax Relief Under the Lamont Administration
(in millions)
Tax Relief Enacted From 2019-2022
Policy
FY 2022
FY 2023
FY 2024
FY 2025
Gas Tax Holiday From 4/1/2022 Thru 6/30/2022
$(90.0)
$ -
$ -
$ -
Extend Gas Tax Holiday From 7/1/2022 Thru 11/30/2022
-
(150.0)
-
-
Extend and Phase-Out Gas Tax Holiday From 12/1/2022 Thru 4/30/2023
-
(90.0)
-
-
Child Tax Credit of $250 (Funded from FY22 Surplus Transferred to FY23)
-
(125.0)
-
-
Car Tax - Reduce Max Mill Rate from 45 to 32.46 Mills
-
(100.0)
(100.0)
(100.0)
Property Tax Credit - Increase from $200 to $300
-
(60.0)
(60.0)
(60.0)
Property Tax Credit - Restore Full Eligibility
-
(53.0)
-
-
Pensions & Annuities - Accelerate Exemption Schedule
-
(42.9)
(29.3)
(15.6)
Earned Income Tax Credit - Increase From 23% to 30.5%
(34.1)
(34.1)
(34.1)
(34.1)
Payments to Households Eligible for Earned Income Tax Credit
(75.0)
(42.6)
-
-
Unemployment Insurance Tax Reduction in 2023 ($40M from ARPA)
-
(40.0)
-
-
Business Entity Tax - Repeal
(11.0)
(44.0)
(11.0)
(44.0)
JobsCT Tax Rebate Program
-
-
-
(40.0)
Phase-Out of Capital Base Tax by 1/1/2028
-
-
(5.7)
(15.2)
Phase-In R&D Tax Credit from 50.01% to 70% by IY 2023
(6.5)
(17.2)
(21.5)
(21.5)
Repeal Ambulatory Surgical Centers Tax
-
(18.0)
(9.4)
(9.9)
Expand Employer Student Loan Tax Credit
-
(9.4)
(9.9)
(10.4)
Repeal Movie Theater Admissions Tax
-
(2.5)
(5.0)
(5.0)
Total Enacted Tax Relief
$(216.6)
$(828.7)
$(285.9)
$(355.7)
Tax Relief Enacted in FY 2024 – FY 2025 Biennial Budget (2023 Legislative Session)
Policy
FY 2022
FY 2023
FY 2024
FY 2025
Personal Income Tax Rates - Reduce 5% to 4.5% & 3% to 2%
$ -
$ -
$(166.8)
$(370.4)
Retirement Income - Establish Phase-Out for P&A and IRA Exemption
-
-
(21.1)
(45.3)
Earned Income Tax Credit - Increase From 30.5% to 40%
-
-
(44.6)
(44.6)
Freeze the Diesel Tax Rate for One Fiscal Year at $0.492 per gallon
-
-
(37.2)
-
Cannabis Firms - Allow Expense Deductions Beyond Costs of Goods Sold
-
-
(4.7)
(6.2)
Pass-through Entity Tax - Make Filing Optional
-
-
(2.7)
(6.0)
Exempt Aviation Fuel From Petroleum Gross Receipts Tax
-
-
(3.2)
(3.1)
Film Production Tax Credit - Inc. Applicability to Sales Tax from 78% to 92%
-
-
(2.2)
(4.3)
Human Capital Tax Credit - Increase From 5% to 10%; 25% for Child Care
-
-
(2.1)
(3.5)
Establish 30% Pre- & Post-Broadway Theater Production Tax Credit
-
-
(2.5)
(2.5)
Total FY 2024 - FY 2025 Tax Relief
$ -
$ -
$(287.1)
$(485.9)
Grand Total Tax Relief
$(216.6)
$(828.7)
$(573.0)
$(841.6)
Read on CT.gov [[link removed]]
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