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HARTFORD — Connecticut’s two-year, $51 billion state budget — including a historic cut to personal income taxes — cleared the General Assembly with strong bipartisan support on Tuesday and now
Hartford Connecticut’s two-year, $51 billion state budget including a historic cut to personal income taxes cleared the General Assembly with strong bipartisan support on Tuesday and now heads t.
The Volatility Cap sets a threshold for certain volatile revenue streams (like the income tax that can swing up and down from year to year). Any excess of these revenues must be deposited into the rainy day fund or into the state’s underfunded pensions for teachers and state employees.