Malloy Proposes Tax Refunds

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    NBCConnecticut.com
    Gov. Dannel Malloy has announced a plan for the state's surplus that calls for a sales and gas tax refund.

    Gov. Dannel Malloy has announced an election-year plan for the state's surplus that calls for a sales and gas tax refund.

    The Democrat's proposal for the estimated $505 million surplus includes $155 million in targeted gas and sales tax refunds. That works out to $55 to individuals earning less than $200,000 and $110 to joint filers earning less than $400,000.

    "Connecticut has faced more than its share of challenges over the last few years.  Now that things are beginning to improve, it's critical that everyone shares in the recovery," Malloy said at a news conference in Derby on Thursday.

    Malloy, whose proposal is subject to approval by lawmakers, called for boosting the rainy day fund by $250 million and putting $100 million toward the state's pension fund.

    Malloy's plan comes a day after Republican Tom Foley called for a sales tax cut as he announced he's running again for governor after narrowly losing to Malloy in 2010. Malloy has not said yet whether he'll seek a second term.

    Republican leaders called Malloy's proposal "typical election year tactics."

    "Anytime we're talking about giving tax revenues back to the people who earned them it is a good thing," said House Republican Leader Larry Cafero.  "But this proposed tax rebate is perhaps the least creative option."

    Cafero said the proposals to a money to the pension fund and the rainy day fund were more responsible.

    "I'm glad to see that Gov. Malloy stuck to the Republican principle of not using this so-called 'surplus' money to blow even greater holes in future budgets," he said.

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