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Local News

Malloy Restores Part Of Property Tax Credit, Changes Tax Rate On Wealthy

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(Credit:  Jessica Hill/AP Photo)

(Credit: Jessica Hill/AP Photo)

By SUSAN HAIGH. Associated Press

HARTFORD, Conn. (AP) _ Gov. Dannel P. Malloy says he’s heard middle class taxpayers’ complaints about his budget and wants to restore part of a popular income tax credit program.

Malloy said Thursday he’s asking the General Assembly to restore the local property tax credit to a maximum of $300. His plan scrapped the program, which provided a credit of up to $500.

To pay for two-thirds of the restoration, he wants to change how wealthier taxpayers pay the personal income tax. For someone earning $1 million, it would mean an additional $1,000 in tax.

The legislature’s budget committees are expected to vote on their changes to Malloy’s budget next week. Malloy marked his first 100 days in office with a report on findings from a series of town hall meetings across Connecticut.

     (Copyright 2011 by The Associated Press.  All Rights Reserved.)

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