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Senate leader says tax refund still negotiable

Sen. Majority Leader Martin Looney.  (Photo by Christine Stuart)
Sen. Majority Leader Martin Looney. (Photo by Christine Stuart)

HARTFORD, Conn. –Sen. Majority Leader Martin Looney said it’s “too soon” to speculate on how much money the state will bring in until April 30, but if tax revenues continue to come in lower than expected they may have to look at lowering the amount of the $55 tax refund.

Gov. Dannel P. Malloy had proposed using $155 million in state surplus funds to give $55 sales and gas tax refunds to an estimated 2.7 million people, however, the Office of Fiscal Analysis says income tax collections are coming in weaker than expected.

Looking at the revenue projections Wednesday, Senate Republican Leader John McKinney urged his colleagues on the other side of the aisle to scrap the proposal.

Malloy declined to say how hard he would fight to keep the proposal in the budget back in March.

See the complete story at CT News Junkie.

Comments

2 responses to “Senate leader says tax refund still negotiable”

  1. the donut hole

    This forecasted surplus is such a con job. If you did this as a private sector CEO they could jail you. The forecasts were based on activity from a year ago and didn’t factor in the impact of the change in capital gains and obamacare and what that would do for income tax returns. People cashed out a year ago and are holding tight. When the numbers are added up, the state will be in the red again easily. How much longer will the press continue to let the lie continue about a ‘surplus’?

  2. EveT

    How much it will cost — in terms of labor, materials, and postage — to mail out these checks? It seems like a big waste of taxpayer money. Does the governor think voters are so dumb they can’t see beyond the face value of $55.00?

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