Connecticut tax revenue projections rise $900M
HARTFORD, Conn. (AP) — The office of Connecticut’s governor says the state’s projected revenue from personal income tax collections has risen by more than $900 million.
The estimates include accelerated payments that were made ahead of changes in the federal tax law as well as one-time payments that hedge fund managers had to pay to bring overseas profits back into the United States.
Gov. Dannel P. Malloy said it’s promising news for the state.
Also Monday, the General Assembly passed a measure to restore full Medicare benefits for over 90,000 people who rely on the program for office visits and other procedures. The Medicare Savings Program had been cut by lawmakers late last year to close a deficit.
The legislation passed by the House and Senate is a temporary fix to restore those benefits.