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Thursday, March 05, 2015

Friday, January 31, 2014

Malloy Offers Modest Tax Breaks for Retired Teachers

By Keith M. Phaneuf

www.ctmirror.org

Gov. Dannel P. Malloy today proposed a second round of tax cuts, including a new income tax break for retired teachers that could provide a strategic edge in his re-election bid.

The governor also backed a sales tax exemption for non-prescription medications, an insurance premium break for cities and towns, extending a credit for business investors and a two-day state park fee holiday.

These breaks, worth about $52 million in the fiscal year that begins July 1, would be in addition to the $155 million sales and gasoline tax rebate Malloy unveiled Thursday.

But unlike that last proposal, today’s tax cuts are ongoing, and would add more than $50 million to the nearly $1 billion shortfall projected for the first state budget after the election.

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