CTNJ: Finance committee explores abundance of revenue ideas as deadline nears

HARTFORD, Conn. — The Finance, Revenue, and Bonding Committee is expected to wrap up its work next week, but until then it seems to be pursuing every revenue generating idea it can to close the two year $3.6 billion budget deficit.

committee bill published Wednesday proposes increasing the income tax rate on Connecticut’s wealthiest residents from 6.7 percent to 7.49 percent. It maintains the number of personal income tax brackets at six.

The proposal is part of a larger one that creates a 10 percent occupancy tax rate on bed and breakfasts and dedicates a portion of the taxes on hotels and lodging to promote and develop culture and tourism. It would also give motorists the option of paying an additional $5 when they register their vehicle to help pay for state park maintenance. Those who paid the fee would not have to pay for parking at state parks.

There is no fiscal note attached yet to the bill so it’s still unclear how much revenue the various proposals would generate.

Read the full story on CT News Junkie.


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