Some would say Governor Dannel P. Malloy was a man of courage for vowing not to raise taxes going into FY2014, where a $1.2 billion revenue shortfall awaits him. And it seems he is undertaking this daunting mission armed only with a fertile imagination and some well-honed semantics.
The local Economic Development Commission is retooling the language and is seeking changes to Newtown’s Business Incentive benefits to accommodate more of the types of new enterprises the town expects to see developing in the coming years. First Selectman Pat Llodra has mentioned the EDC’s desire to improve and enhance the program during several meetings in recent weeks.
As Newtown struggled through its 2011 budget process, Board of Finance Vice Chair Joe Kearney was also watching closely as Governor Dannel P. Malloy rolled out a retroactive personal income tax increase in an effort to close an anticipated shortfall in state revenue projections.
At the time, Newtown’s Senator and State Minority Leader John McKinney decried the measure, calling it a massive new financial burden on the state’s middle class coming at a time when taxpayers could least afford it.
Finance Board Vice Chairman Joe Kearney believes that most applicants under Newtown’s Senior and Disabled Tax Credit program will only request the nominal benefit if they qualify. But he is hoping the town will soon require applicants to sign an affidavit promising they are not holding assets that would otherwise be hidden from officials verifying income from candidates’ tax returns.