The Finance, Revenue and Bonding Committee must by Thursday decide the fate of proposed tax hikes on digital media ads and health insurance carriers, along with a statewide property tax aimed at high-value homes. Lamont’s budget office warned back in February that state finances, unless adjusted, were on pace to run $2.6 billion in the red over the next two fiscal years combined, which could largely exhaust its $3 billion rainy day fund. But since then, state officials learned Connecticut is getting $2.6 billion in federal stimulus to help with the next two-year budget, and analysts project the state budget will close on June 30 with an extra $800 million left over. Fonfara introduced several proposals in one omnibus measure last week, including an income tax surcharge on the capital gains earning of Connecticut’s richest households — singles earning more than $500,000 per year and couples topping $1 million. Also still in play before the committee is a proposal from Senate President Pro Tem Martin M. Looney, D-New Haven, for a statewide tax of 1 mill aimed at homes with market values of more than $430,000.
Big dollars hang in the balance as CT finance panel rushes to finish work