Connecticut Governor Proposes Tax Rebate
Connecticut Governor Ned Lamont has proposed a $200 tax rebate for state residents. The proposal, which would create a $500 million rebate program, is currently under consideration by the state legislature.
- The proposal would issue a one-time rebate to an estimated 2.2 million Connecticut residents. - To be eligible, full-time residents must have filed a 2024 state income tax return. - Income caps are set at $200,000 for single filers, $400,000 for joint filers, and $320,000 for heads of household. Joint filers would receive a $400 rebate. - The Department of Revenue Services would automatically send the rebates, with no application required from residents. - The program is estimated to cost $500 million, which Governor Lamont proposes to fund from the state's sales tax revenue, offset by a temporary adjustment to a state savings program. - This proposal comes as Connecticut projects a budget surplus of more than $1.9 billion for the current fiscal year. - The plan faces competing proposals in the legislature, including a Democratic-favored child tax credit and Republican-backed plans to expand the property tax credit or enact broader income tax cuts. - If approved, the rebates are scheduled to be sent out no later than October 31, 2026.
