Governor Ned Lamont's 2025 Budget Contains Significant Proposed Connecticut Tax Law Changes

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Governor Ned Lamont's 2025 Budget Contains Significant Proposed Connecticut Tax Law Changes

On February 5, 2025, Governor Ned Lamont released his proposed fiscal year 2026 and 2027 biennial budget.  Included within the proposed budget (the “Proposal”) are the following proposed tax changes to Connecticut’s tax system (all of which can be found in Senate Bill 1246): Personal Income Tax Proposed Changes Property Tax Credit: The Proposal would increase the property tax credit against the personal income tax from $300 to $350.  In additio…