New taxes are in effect today!

Posted on July 1, 2011. Filed under: Uncategorized |

Happy July 1st means happy taxes!

If you haven’t already printed it out and studied it, make sure you give this DRS tax change summary a glance. Today, sales tax climbs from 6 percent to 6.35 percent, a host of new taxes are introduced, and a variety of tax exemptions are no more.

And in other in-case-you-missed-it news… At 2:30 this morning, the first day of the new fiscal year, the legislature voted to give Governor Malloy a limited portion of the greater authority he originally sought to cut and balance the budget.

There’s also still a chance that the unions can ratify Malloy’s original concessions proposal and avoid the mass layoffs, which grew from 5,500 to as many as 6,500 when the House refused to grant Malloy the authority to cut municipal aid by two percent. Under the legislation approved this morning, the agreement between Malloy and the unions has been extended until August 31.

According to Malloy:

“If they choose to ratify the agreement that was recently turned down, and if they do so in a timely fashion, much of the pain that’s been inflicted over the past few days can be reversed. If they end up not ratifying the agreement, then the budget we now have in place is the one we’ll live with for the next two years.”

 

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