New state budget hikes income tax

Stage legislators worked into the morning hours last night to pass a new budget aimed to prevent big businesses from leaving Connecticut with thousands of

Stage legislators worked into the morning hours last night to pass a new budget aimed to prevent big businesses from leaving Connecticut with thousands of jobs.

Stage legislators worked into the morning hours last night to pass a new budget aimed to prevent big businesses from leaving Connecticut with thousands of jobs. (6/30/15)

FAIRFIELD - Stage legislators worked into the morning hours last night to pass a new budget aimed to prevent big businesses from leaving Connecticut with thousands of jobs.

The new budget, approved at about 1 a.m., slashes corporate tax hikes, but still increases income taxes for individuals.

Corporate giant General Electric had threatened to move its headquarters out of Fairfield after the state passed a previous budget that would have increased taxes on big businesses. The company employs about 6,000 workers there and pays millions in taxes. 

Other companies announced similar intentions, and News 12 previously reported that other states have attempted to lure them away with tax incentives.

Lawmakers opposed to the new budget say it isn't good for anybody, and there's no guarantee that any of the big businesses will remain in Connecticut, even with the concessions.

A GE spokesman declined to comment on the company's plans for the future.

advertisement | advertise on News 12

Trending Video

Police warn of scam targeting UI customers 1 Police warn of scam targeting UI customers
Karen Ivers took part in her last graduation 2 Bridgeport nursing director retiring after 35 years
The girl remains at Lutheran Hospital in critical 3 Police: Girl who survived window fall may have been abused
VIDEO: Scifest at Lehman College 4 VIDEO: Scifest at Lehman College
Snow conditions in Wharton 5 Snow conditions in Wharton

advertisement | advertise on News 12

Features

Focus on Connecticut Focus on Connecticut

Features local, state and federal officials discussing the issues around southwestern Connecticut.

Celebrates African-American culture in southwestern Connecticut. Our Lives

Celebrates African-American culture in southwestern Connecticut.

Each week News 12 Connecticut introduces you to Hometown Hero

News 12 highlights people who give to the community.

We spotlight a local team each week. Connecticut Team of the Week

Each week News 12 Connecticut highlights a team from a local school.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE