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Daily Tax Report: State

Connecticut Deficit Narrows to $880 Million, Budget Chief Says

Nov. 20, 2020, 10:12 PM

Connecticut’s projected budget gap shrank to about $880 million as personal income tax revenue exceeds estimates, according to Office of Policy and Management Secretary Melissa McCaw.

  • Gap narrowed to $879.4m from $1.26b last month, a 30% decline
  • Deficit represents 4.4% of general fund budget
  • Projected revenue for fiscal 2021 revised higer by $326.6m
    • Withholding revenue up $130m
    • Estimated and final payments up $117m
    • Pass-through entity tax up $64.3m
    • Sales tax revised up $$39.6m
  • “The current forecast remains conservative for the second half of the fiscal year given the significant uncertainty surrounding the course of the Covid pandemic and the...





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