Connecticut’s fiscal health, COVID-19 hardship relief, and tax cuts defined Gov. Ned Lamont’s 2022 State of the State address.
In his first address to a joint session of the General Assembly since the start of the pandemic in March 2020, Lamont said that three years ago Connecticut was “standing at the edge of a fiscal cliff” with a $3.7 billion budget deficit. He contrasted that with how far the state has come after three consecutive years of budget surpluses.
“Today we are deciding what taxes to cut or school programs to grow,” Lamont said regarding the different kinds of challenges the legislature faces compared to before he took office.
A few of Lamont’s priorities this session include:
Double the $20 million in COVID hazard bonuses for front-line state workers
Cut $175 million in taxes, primarily in property tax credits, and another $160 million that would go to municipalities to pay for a state-mandated cap on motor vehicle taxes
Eliminate the income tax on pension and 401K income for most households
Lamont also noted that Connecticut has jumped 11 places to a middle-of-the-pack ranking of 24th in the CNBC’s list of best places for business, and the state has an upgraded bond rating on his watch.
“Today, the state of the state is better off than it was three years ago, but we still have a long way to go,” he said.
You can watch the entire address here.