New state budget hikes income taxPosted: Updated:
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.