Connecticut lawmakers have passed the state’s biennial budget for fiscal years 2024 and 2025 in an extraordinary display of bipartisan collaboration, as announced by Governor Ned Lamont on June 8, 2023. The newly approved budget, known as House Bill 6941, incorporates the largest cut to income tax rates in the state’s history, an increase in the Earned Income Tax Credit for low-income individuals and families, and substantial funding increases for vital sectors including K-12 education, child care, affordable housing, and nonprofit organizations.
The budget bill passed in the Connecticut House of Representatives by a 139-12 vote, and later received Senate approval with a 35-1 vote. Governor Lamont, along with a host of other officials, lauded the bill’s passage, highlighting the effectiveness of bipartisan collaboration in delivering a budget that caters to the needs of Connecticut’s residents.
The budget’s passage enjoyed unanimous support from the Greenwich delegation, consisting of State Senator Ryan Fazio and State Representatives Hector Arzeno, Rachel Khanna, and Stephen Meskers. The budget, which includes approximately $50 billion in taxes and spending, is considered one of the most significant bills to be passed in the coming weeks.
Governor Lamont expressed his satisfaction with the budget, saying, “I am proud that Connecticut can successfully work across party lines in a bipartisan manner to benefit our residents. I extend my gratitude to the leaders of both parties for collaborating with my administration to approve this biennial budget, and I commend all the lawmakers who voted in favor and ensured its passage.”
The Greenwich delegation, consisting of State Senator Ryan Fazio and State Representatives Hector Arzeno, Rachel Khanna, and Stephen Meskers, unanimously supported the state budget.
Senator Fazio emphasized the significance of the budget, which encompasses approximately $50 billion in taxes and spending, making it the most consequential bill to be passed this session.
Representatives Arzeno and Khanna also praised the recently approved state budget in their identical public letter to constituents. They emphasized that after months of negotiations, the House of Representatives delivered a budget that includes the largest income tax cut in Connecticut’s history and significant funding increases for local schools through Education Cost Sharing funds.
The budget’s key highlights include a $3.3 billion deposit into the state’s Rainy Day Fund to strengthen Connecticut’s credit rating and prepare for economic downturns. Additionally, a $2.072 billion pre-payment on unfunded pension liabilities is included. Connecticut residents will experience the largest Personal Income Tax Cut in the state’s history, with savings of $190.6 million in FY 2024 and $421.7 million in FY 2025. The budget also extends exemptions for retiree income from state income tax and continues property tax credits for homeowners.
Regarding safety net services, the budget includes a 2.5% cost of living increase for critical service workers, a roughly 4.5% pay raise for group home employees, and historic investments of over $30 million for residents with Intellectual and Developmental Disabilities (IDD).
The approved budget represents a significant collaboration and bipartisan effort by lawmakers.
To view the 828 page bill go to: https://www.cga.ct.gov/2023/TOB/H/PDF/2023HB-06941-R00-HB.PDF
