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Wednesday, April 23, 2014

Early Tax Returns Diminish Hopes for Big CT budget Surpluses

By Keith M. Phaneuf

www.ctmirror.org

As the April 15 tax deadline approached, speculation at the Capitol was that tax receipts would rise. The only question was, Would they grow modestly, or explode?

But early tax returns have weakened hopes for any explosion, and raised the specter of something worse: Are tax receipts on the decline again?

This helps explain why the launch of keno gaming in Connecticut remains very much under consideration by Gov. Dannel P. Malloy’s administration and the General Assembly.

Through Monday, projected income tax receipts for April were running below budgeted levels by almost $108 million, or 10.2 percent.

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