(Hartford, Conn./CBS Connecticut) – State Leaders have received a belated Christmas present.
The governor’s office announced that the state is collecting 900-million dollars more in income tax revenue than expected, in December and January.
Governor Dannel Malloy says it is promising news for the Connecticut but his office also says much of the additional money could be the result of taxpayers moving up payments, to make them before the end of the year.
Some taxpayers may be handing over their money earlier than normal, to take advantage of tax breaks that will go away under the Republican plan approved last month by Congress and signed into law by President Trump.
In other words, some of this may be money that the state would have received a few months later anyway.
Under state law, much of the windfall money will be diverted to the rainy day fund.