State Budget Outlook Improves, But Problems Persist
With small increases in year-end tax collections, the state's budget projections improved slightly Tuesday, but Connecticut is still facing a major budget shortfall in the next fiscal year.
The numbers were up for the current year and in the next three years, but do not erase the future red ink the state is facing.
The biggest boost was an additional $80 million in the corporate profits tax that "reflects strong growth" in the payments that were made by businesses in September and December, said Neil Ayers, the director of the legislature's nonpartisan fiscal office.
Another increase was an additional $31.5 million as Connecticut's share of a multistate settlement with Moody's Investors Service following the 2008 and 2009 financial collapse on Wall Street.
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