Ned Lamont | Ned Lamont Official website
Ned Lamont | Ned Lamont Official website
(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) |
Original source can be found here.
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