three significant tax relief measures in Connecticut at the beginning of 2024
Governor Ned Lamont has announced the implementation of three significant tax relief measures in Connecticut at the beginning of 2024. These measures, stemming from the fiscal year 2024-2025 state budget, include the largest income tax reduction in state history, an increase in the Earned Income Tax Credit (EITC) for low-income workers, and an expansion of exemptions on certain pension and annuity earnings to benefit seniors. The total tax reduction is estimated at approximately $460.3 million, reflecting the state's commitment to providing relief to middle-income workers, low-income workers, and seniors. Governor Lamont attributes these tax cuts to the fiscal discipline implemented over the past five years, stabilizing the state's fiscal situation and ending years of deficits. Starting January 1, 2024, Connecticut's…
