As Revenue Projections Decline, Senator McKinney Renews Call for Elimination of $55 Tax Rebate Gimmick

Hartford, CT – In its daily memo on personal income tax collections, the Connecticut General Assembly’s non-partisan Office of Fiscal Analysis (OFA) reported that revenue collections are nearly $205 million (16.7%) below target and that the state still needs to collect $612 million before April 30th in order to reach its targets. If this trend continues, the budget adjustments proposed by Governor Malloy and Democratic leaders will not balance.

In reaction to this news, State Senate Republican Leader John McKinney (R-Fairfield) reiterated his call for the elimination of the $55 Tax Rebate Gimmick proposed by Governor Dannel P. Malloy and included in the Democrat budget that passed the Appropriations committee. The gimmick was not included in a Republican alternative budget adjustment unveiled last week.

“A $55 rebate in lieu of permanent and meaningful tax cuts is an insult to taxpayers that should never have been proposed in the first place. Governor Malloy’s record tax hike has been estimated to cost as much as $700 per year per family at a time when our residents can least afford it. A $55 rebate isn’t even enough money to fill up most gas tanks, and certainly not enough to fill a tank in Connecticut where our gas taxes are among the highest in the nation,” Senator McKinney said. “The latest report by OFA about declining personal income tax collections makes the gimmick not only insulting, but also irresponsible. I again call on the Democrats and Governor Malloy to rescind their proposal.”