Malloy: Budget proposal includes insurance tax reductions
Gov. Dannel Malloy says his budget proposal will reduce taxes for Connecticut's insurance industry.
Malloy says he wants to lower the tax rate that insurers pay on premiums from 1.75 percent to 1.5 percent.
He says it will save them millions in taxes and decrease the tax liability for Connecticut companies doing business in other states.
Malloy is scheduled to unveil his complete two-year budget on Feb. 8.