Tax Credit

Connecticut Gov. Ned Lamont (D) wants to lower the tax incentive from 30% to 25%. Several state officials and film and TV leaders say the industry could be at risk if the digital media tax credit becomes law.

Connecticut Gov. Ned Lamont (D) presented his $55.2 billion biennium budget to the General Assembly on Wednesday, which includes free pre-K for families earning less than $100,000, $500 million for new schools, and waived licensing fees for certain professionals.

Connecticut lawmakers and officials celebrated new tax incentives for offshore wind development at the New London State Pier. U.S. Sen. Richard Blumenthal (D-CT) said new subsidies will make a difference.

Gov. Ned Lamont has called on Connecticut residents working remotely for New York companies to challenge New York’s tax laws. It’s in an attempt to claw back tax money that Lamont believes should be going to Connecticut.

U.S. Rep. Rosa DeLauro (D-CT) voted against a bipartisan tax package to expand a temporary child tax credit for low-income families because it would also boost three corporate tax breaks. Rep. Nick LaLota (R-NY) from Long Island also rejected the bill because it did not include a SALT provision.

Connecticut parents eligible for the state’s $250 per child tax rebate have been urged to apply for the money before the July 31 deadline.

Advocates say Connecticut needs better tax credits to help middle-class and working-class families.