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Spiking tax revenue will wipe out state budget deficit, analysts say

Lamont, lawmakers have enough revenue to balance next state budget without tax hikes


The CT Mirror

January 15, 2021

Gov. Ned Lamont’s prospects for balancing the next state budget without tax hikes took a big leap forward Friday as revenue projections for the coming two years skyrocketed by almost $1.7 billion.

According to a joint forecast by Lamont’s budget staff and nonpartisan legislative analysts, spiking income tax revenues — particularly those tied to capital gains and other investment earnings — were the driving force behind the improvement.

The new report from the Office of Policy and Management and the Office of Fiscal Analysis now projects an extra $925 million in revenues for the current fiscal year. That’s more than enough to wipe out the $640 million deficit Lamont’s office had projected as late as Dec. 21.

More importantly, the spike in tax receipts is expected to continue into the next two-year state budget, whittling down a huge projected deficit into a far-more-manageable financial challenge.

© Copyright 2021, The Connecticut News Project. All Rights Reserved.

Lamont orders some businesses to revert to Phase 2 COVID restrictions

The CT Mirror

November 2, 2020

Pointing to a growing number of COVID-19 cases in recent weeks, Gov. Ned Lamont on Monday tightened up restrictions for some Connecticut businesses less than a month after he loosened those rules to allow increased capacity at restaurants and performance venues.

Restaurants will now move back to 50% capacity and must close by 9:30 p.m. Takeout and delivery services can continue after the curfew, however. No more than eight people can sit around a restaurant table at a time. Since Oct. 8, eateries have been able to accommodate 75% of their normal capacity.

Personal services, such as hair and nail salons, will be allowed to remain at 75%.

Event venues must limit crowds to 25 people indoors and 50 people outdoors. Capacity is capped at 100 people for movie theaters and performing arts centers. And capacity at places of worship is restricted to 50%, or no more than 100 people.

Connecticut reported a 3.4% positivity rate from over the weekend. The seven-day COVID average was 3.6%.

© Copyright 2020, The Connecticut News Project. All Rights Reserved.

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