State Democratic legislative leaders proposed $350 million in budget cuts Monday. Their plan includes a cap on unitary combined reporting and other pro-business initiatives.
One thing the plan does not do – in line with Gov. Dannel Malloy’s proposed budget cuts – is offer an early retirement package. Legislative Democrats feel the short-term savings would be more than offset by higher long-term pension costs.
Highlights of the Democratic plan include:
- Restoring an additional $34 million for hospitals, when added with federal funds amounts to a $102 million restoration;
- Maintains property and car tax relief;
- Establishes an Office of Overtime Oversight, which is included in the Republican proposal;
- Eliminates public financing of campaigns in 2016;
- Extends the Apprenticeship Tax Credit
- Eliminates the Propane Tax on Electric Generation
- Allows 100 percent tax credit utilization for new businesses in Enterprise Zones
- Establishes an Urban Job Creation Property Tax Credit
“Democrats remain committed to reversing most of the governor’s cuts to hospitals and social services, from both a human perspective as well as the need to better recognize our healthcare industry as an important driver of our economy,” said House Speaker Brendan Sharkey in a statement.
