By Kathy Kennedy
State Rep., R-119
Kathy Kennedy
Did you know that Connecticut ranks in the five most taxed states in the country? As residents, we’ve all felt the burden, but what are our lawmakers doing to provide us with some relief?
Being a taxpayer and a legislator, I am always fighting hard to bring down the cost of living for our community. Just like you, I know what it means to readjust your personal budget to pay the bills, save for housing and raise a family. What residents across our state deserve the most is real and immediate relief, and that’s exactly what Republicans are doing in Hartford.
Last month, I joined my House Republican colleagues in proposing a historic expansion of the Connecticut property tax exemption. Our proposal boosts the property tax credit from a $300 maximum credit to a maximum $1,000 credit for eligible filers; or a $700 increase in the maximum credit amount. While the governor only proposed a $50 increase in his most recent budget, we are expanding both the credit amount and eligibility requirements to receive the credit.
We propose increasing eligible income levels to qualify by approximately $20,000 for single filers and $30,000 for most joint filers. Unlike majority leaders, our unique approach provides more relief to currently eligible taxpayers and provides relief to taxpayers who did not previously qualify. With these new parameters, there is an estimated 800,000 filers who will receive real property tax relief.
What’s important to note is that this credit in no way impacts municipal revenue but is instead a way to use current state surpluses to support our residents and lower the cost of living. For example, right now, the state’s budget reserve fund, or “rainy day fund,” is at its maximum capacity with over $4.3 billion. This means that over the years, taxpayers like you and me, have contributed to this fund as a financial cushion in case of emergencies, such as a government shutdown. Why aren’t we using it now?
While many of my Democratic colleagues commonly explore more taxes as a solution, we should instead be actively tapping into this fund, especially after unanimously vote to increase its threshold by an additional $721 million in fiscal year 2025. This money has been placed in a reserve fund, not a lockbox. Our taxpayers deserve access to the funds they have been contributing to for years, and I am proud to propose an honest, simple and straightforward path toward tax relief.
Proposing tax relief is easy; passing it, however, has its challenges. If Democrats are open to including Republicans in a conversation about fiscal responsibility and taxes this upcoming session, Connecticut could take significant strides toward affordability. It’s time to counteract the factors that are pushing families, businesses and residents out of our state at a record pace, and I believe this is a good start.
As always, please never hesitate to contact me with your questions, ideas and concerns at Kathy.Kennedy@housegop.ct.gov or by calling me at 860-240-8700. Don’t forget to follow me on Facebook and sign up for my brief email updates at RepKennedy.com.