(Photo) Sen. Seminara highlights CT tax cuts; “Keeping our promises to seniors, Protecting vital human services.”

December 20, 2023

For Immediate Release

Sen. Seminara highlights largest
personal income tax cut in CT’s history

Sen. Lisa Seminara is highlighting the most significant tax cuts in state history which take effect on Jan. 1, 2024.

“As the 8th district’s state senator, my focus is on making Connecticut more affordable by supporting fiscally responsible policies, making our state a safer place, keeping our promises to our senior citizens, and protecting vital human services for our most vulnerable residents,” Sen. Seminara said. “I will continue to work collaboratively and in a bipartisan fashion to improve the quality of life for everyone because I represent you.”

The new state budget, which Sen. Seminara voted for:

  • cuts income tax rates for working families
  • provides tax relief for seniors and veterans
  • increases school aid
  • pays down on state debt
  • supports town budgets and property taxpayers
  • abides by the state’s spending and borrowing caps
  • increases Education Cost Sharing (ECS) funding and state aid for towns and nonprofit organizations
  • fully funds the Excess Cost Grant for special education

The budget:

  • reduces the state income tax by lowering the 5.0% rate to 4.5% and the 3.0% rate to 2.0% for the income year 2024. The benefits will be capped at $150,000 for single filers and $300,000 for joint filers.
    • One million tax filers will benefit from the rate cuts – nearly 60% of all filers.
    • 82% of the benefit will go to filers making less than $150,000
  • increases the Earned Income Tax Credit from 30.5% to 40%.
    • 211,000 filers will benefit from the EITC increase.
  • eliminates retirement income tax cliff by adding a phase-out for allowable pension and annuity and IRA distribution deductions against the Personal Income Tax.
  • total personal income tax relief between the above three items is approximately $460.3 million.

Sen. Seminara also supported a tax relief proposal to deliver a record $1.5 billion in property tax cuts and income tax cuts, but that proposal did not get passed by the full legislature.

Sen. Seminara serves as Ranking Senator on the Aging Committee, the Human Services Committee and the Committee on Children. She also serves on the Education Committee.