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Monday, April 28, 2014

Malloy Gives Up on Tax Rebate, Citing Declining Revenues

By Keith M. Phaneuf

www.ctmirror.org

Citing declining state revenue projections, Gov. Dannel P. Malloy today gave up on two of his biggest re-election year budget initiatives: a $55-per-person rebate and a supplemental payment into the state employees’ pension fund.

“We do not anticipate enough revenue to provide a tax refund or to make a supplemental pension payment, as we had hoped in January,” Benjamin Barnes, who oversees the budget as secretary of policy and management, wrote in a letter sent today to legislators.

Nonpartisan legislative analysts reported Friday that based on state income tax returns to date, income tax revenues for this fiscal year were expected to fall $330 million short. That also likely means expected income tax receipts for the next budget, which begins July 1, must be lowered, possibly by several hundred millions of dollars.

Meeting with Capitol reporters at midday, Malloy tried to put the best political face on his fiscal woes. He noted that sales-tax revenue and income-tax withholding are meeting or exceeding projections, indications that his retreat is not a sign of a weakening economy.

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