A new report by Moody’s Investors Service has concluded that the federal tax law that took effect in 2018 has not led to an anticipated out-migration of Connecticut residents, at least not at first blush.
Read MoreUsed for years in foreign countries, “public-private partnerships” (known by the acronym “P3s”) of widely varying scope and magnitude have been suggested to not only use private money to finance the installation of toll devices, but to employ private companies to build transportation projects – and perhaps to own and operate them. Gov. Lamont has also expressed interest in P3s, although he has wisely recognized that the details still need to be developed
Read MoreThe problem with many well-meaning efforts is that no one has done the math to see what the impact is. So Policymakers fly blind and throw out ideas and concepts without understanding the hidden consequences. Everyone agrees that while the property tax is a predictable workhorse, the nag is tired and overworked.
Read MoreConnecticut’s legislative history is littered with bills often cobbled together in the hectic wee-hour, waning days of the session that somehow survive the rough and tumble of the process but end up as the poster laws for unforeseen consequences. Think of how the outcomes might have been improved if the state had a transparent, organized way to research and analyze the proposals, gather data, allow nonpartisan experts to weigh in on them, and learn how other states have tackled the same issues.
Read MoreGov. Ned Lamont has proposed a biennial budget – his first since taking office – that provides for a stable, prudent future for the State of Connecticut. Disruptive cuts in aid to municipalities are averted, providing a glimmer of hope for property tax reform in the future, although new initiatives to reduce property taxes were lamentably absent.
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The Property Tax, which is collected by municipalities, has the largest tax impact on Connecticut households.
The Property Tax’s $7.3 billion impact equates to almost 42% of the entire tax incidence. The Personal Income Tax accounts for 1/3 of the tax incidence, Sales and Use is almost 15% and Excise Taxes are 4%.
A project of 1000 Friends of Connecticut, the Property Tax Working Group shares the latest news, perspectives and relevant background as issues are considered by state policymakers.
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