Gov. Ned Lamont's proposed two-year, $50.5 billion budget proposal features income tax cuts, a small business tax boost, and investments in housing and workforce developments.
Lamont's budget proposal includes $500 million-plus in tax cuts while increasing state spending by 3.5% in fiscal 2024 and 1.8% the following year.
"My primary focus for the next two years, and beyond, will be economic growth and inclusive opportunity," he told a Feb. 8 joint session of the General Assembly. "That is what my proposed budget will deliver."
CBIA's Eric Gjede said the governor's budget recommendations included "a number of positives."
"Particularly the individual tax relief measures and the full restoration of the pass-through entity tax credit—which will give struggling small businesses a much-needed boost," he said.
"It's critical that policymakers fully leverage the state's robust fiscal health and continue pursuing solutions for addressing the labor shortage crisis and positioning our economy for strong growth."
