HARTFORD, Conn. (Conn.) — Gov. Ned Lamont signed the revised, one-year $24.2 billion state budget into law on Monday.

The budget includes more than $600 million in tax cuts — the largest tax reduction in the state’s history. GOP leaders said the level of tax relief is a disappointment given the state’s $4.8 billion projected surplus, and that lawmakers should’ve made systemic changes to Connecticut’s tax system.

Tax cuts in the package include:

  • Suspending the state’s excise tax on gasoline through Nov. 30;
  • Suspending bus fares on all public buses until Dec. 1
  • Enacting a $250 per-child tax credit for lower and middle-earning families;
  • Funding payments for earned income tax credit eligible households;
  • Increasing the property tax credit from $200 to $300;
  • Speeding up a plan to eliminate taxes on pensions and annuities;
  • Reduces property taxes on motor vehicles in 75 cities and towns by capping mill rates at 32.46 and reimbursing the municipalities for the lost revenue.

“This bipartisan budget gives taxpayers their largest tax cut in history, while paying down approximately $3.3 billion in unfunded liabilities, making groundbreaking investments in childcare, crime prevention, environmental protection, and caring for our most vulnerable residents,” Lamont said. “We are transforming Connecticut, making it a place where people and businesses want to grow and set down roots. I want to thank the members of the General Assembly, town leaders, and everyday residents who raised their voices in support of this budget.”

The legislation, House Bill 5506, was approved with bipartisan support of legislators.