State Tax Revenues Lagging

A new report from the state’s legislative and executive branch budget offices shows Connecticut’s tax revenues are running approximately $52.7 million behind what’s anticipated in the state budget.

Office of Policy and Management Secretary Benjamin Barnes said Friday’s report is “not surprising given the continued sluggishness of the national economic recovery.”

Both the state sales and corporate taxes have generated less revenue than expected.
Barnes said it’s too early to know what the state’s revenues will look like for the new fiscal year, which begins on July 1.

Democratic Gov. Dannel P. Malloy is expected to unveil a new, two-year budget in January. Barnes said Malloy does not plan to raise taxes to cover a fiscal shortfall.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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