Budget Snapshot: Revenue in Finance, Revenue & Bonding Committee's Proposed Budget for FYs 2022 and 2023

On April 22, 2021, the Connecticut General Assembly’s Finance, Revenue and Bonding Committee released a budget revenue proposal for fiscal years 2022 and 2023, which was later passed out of the Committee.

The proposed revenue package is part of the second step in Connecticut's state budget development process, and was released a day after the Appropriations Committee passed its spending plan. Negotiations will now begin between legislative leadership and the governor.

Included in the package from the Finance, Revenue and Bonding Committee are the revenue sources needed to fund government services, policy priorities, and all other state appropriations. The revenue package passed yesterday also features a number of new revenue sources and tax changes.

To help individuals wade through the revenue package, we've put together a brief analysis examining the impacts on state revenue of the Finance, Revenue and Bonding Committee's proposal. This nonpartisan budget snapshot details the key policy proposals in the revenue package, and compares the package to Governor Lamont's budget proposal, which was released in February.