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State Income Tax

With Tax Increases Kicking In, State Budget Surplus Projected At $101 Million

With Tax Increases Kicking In, State Budget Surplus Projected At $101 Million

With the largest tax increase in Connecticut history kicking in, the state is projected to generate a surplus of more than $100 million in the current fiscal year - finally pushing the state into the black. While the number might seem surprising after years of major budget problems, the surplus is attributable to the tax increases that started on July 1 - as well as the state income tax hikes that are retroactive to January 1. The state's fiscal health was discussed in detail Tuesday during the annual joint meeting of the legislature's budget-writing and tax-writing committees in a session that is mandated each year under state law. The tax increases are expected to...

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