Finance Committee Awaits Budget Details

In anticipation of the governor’s two-year budget package to be released next Wednesday, the General Assembly’s Finance, Revenue and Bonding Committee held a general meeting this week to raise concepts for bills. 

The committee is co-chaired by Sen. John Fonfara (D-Hartford) and Rep. Jeffrey Berger (D-Waterbury), with Sen. L. Scott Frantz (R-Riverside) and Rep. Christopher Davis (R-Ellington) serving as ranking members. 

It’s a committee that’s expected to play a significant role in consideration of Gov. Malloy’s budget proposal in addition to taking up several key bills of their own that are likely to impact businesses throughout the state. 

With the state facing a projected deficit of $1.3 billion for fiscal year 2016, the committee is considering a wide range of options to address the gap.

Given Connecticut’s continuing economic climb from the recession, it’s critically important to balance the new two-year state budget without tax or fee increases.

In fact, strategic tax policy can provide the revenue needed for state programs and services by encouraging the kinds of investments our economy needs to grow.

In Wednesday’s meeting, the committee voted to raise concepts concerning property tax reform, financing of the Special Transportation Fund, manufacturing, tax credits, and revenue streams, among several other issues.

Work on the next two-year budget traditionally takes up most of the session, which this year ends on Wednesday, June 3. The Finance Committee’s deadline for bills is May 1.

For more information, contact CBIA’s Louise DiCocco at 860.244.1169 | louise.dicocco@cbia.com.