Hartford Happenings

Hartford Happenings: Week of May 2, 2022
The Senate convened this week to act on SB 4 AN ACT CONCERNING THE CONNECTICUT CLEAN AIR ACT. The bill amended by LCO 5431 passed 24 - 11, with 1 member absent or not voting, and the bill will now be sent to the House of Representatives for further consideration. The bill intends to reduce carbon emissions by expanding public and private utilization of electric vehicles in Connecticut to protect human health and the environment.
The Governor and Legislature have agreed on a final budget adjustment package for FY 2023. The negotiated budget totals $24.2 billion dollars, with $22.1 billion in the General Fund. It falls under the spending cap, and is in compliance with the revenue cap, volatility cap, and tax reduction cap imposed by the American Rescue Plan Act.
Budget Highlights:
• A property tax credit up to $300 dollars for eligible Connecticut residents.
• A permanent reduction in the mill rate cap for motor vehicles from 45 mills to 32.46 mills.
• Inclusion of $125 million dollars to provide a $250 Child Tax Credit per child for 1 year.
• The elimination of pension taxes for retirees.
• It incorporates $10 million dollars for student loan relief.
• Approximately $40 million dollars is included to increase the EITC tax credit to 40.5%.
• The contract standards board will receive full funding.
• The budget includes funding for non-profit organizations.
• A total of $2 billion dollars dedicated to the states pension funds.
John Harkins – jharkins@romesmithlutz.com
Please visit our website at Romesmithlutz.com for more information regarding our services.
Upcoming Legislative Schedule May 2 – May 6, 2022
Monday: May 2, 2022
• 12PM on CTN: SENATE SESSION
• 12PM on CTN: HOUSE SESSION
Tuesday: May 3, 2022
• 12PM on CTN: SENATE SESSION
• 12PM on CTN: HOUSE SESSION
Wednesday: May 4, 2022
• 12PM on CTN: SENATE SESSION
• 12PM on CTN: HOUSE SESSION
Thursday: May 5, 2022
• No scheduled events.
Friday: May 6, 2022
• No scheduled events.

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