Connecticut tax revenue projections rise $900M - WFSB 3 Connecticut

Connecticut tax revenue projections rise $900M

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Gov. Dannel Malloy "announced that collections of estimated personal income taxes in December and January will exceed the administration’s projection by more than $900 million," according to his office. (WFSB file photo) Gov. Dannel Malloy "announced that collections of estimated personal income taxes in December and January will exceed the administration’s projection by more than $900 million," according to his office. (WFSB file photo)
HARTFORD, CT (WFSB/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 Malloy said this announcement is “very promising news for the state.”

“And while I have been critical of many parts of the bipartisan budget, the legislature deserves praise for implementing the new volatility cap.  Because of this new law, we know that any unexpected revenue will be set aside to meet future needs in a responsible way,” Malloy said in a statement on Monday. “We still need to take steps to close the deficit this year and to avoid one in the year that starts in July.  If we take those steps and use these one-time revenues to rebuild our rainy-day fund, we will give Connecticut residents and businesses the fiscal responsibility they have been demanding.”

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.

Copyright 2016 WFSB (Meredith Corporation). The Associated Press contributed to this report. All rights reserved.

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