Connecticut Residents Rejoice as 2024 Tax Cuts Bring Relief and Celebration
Connecticut residents will see significant tax relief measures starting January 1, 2024, with the state income tax rate being lowered for the first time since the mid-1990s. The tax cuts, totaling approximately $460.3 million, will primarily benefit middle-class taxpayers, with the rates on certain income brackets dropping. Additionally, the state's Earned Income Tax Credit (EITC) will increase from 30.5% to 40% of the federal EITC, providing more tax credits to low-income filers. Seniors will also benefit from expanded exemptions on certain pension and annuity earnings. These measures were approved in the state budget and signed into law by Governor Ned Lamont.