Malloy considering business tax changes in new budget

In this Sept. 22, 2016 photo, Connecticut Gov. Dannel P. speaks at a ribbon cutting for new laboratory space at the University of Connecticut's Cell and Genome Sciences building in Farmington, Conn. The labs are being leased to bioscience startup businesses as part of the state's Technology Incubator Program. (AP Photo/Pat Eaton-Robb)

HARTFORD, Conn. (AP) — Connecticut Gov. Dannel P. Malloy says he is considering tax changes that will help make the state’s business climate more competitive in his new two-year budget proposal.

The Democrat didn’t elaborate Tuesday on what those changes might be. However, he said there would have to be some “adjustments” in the budget to cover the cost of those tax modifications.

Malloy says his budget package, expected to be unveiled in February, remains a work in progress. As in past years, it’s expected to be a difficult budget year, given Connecticut’s continuing fiscal challenges. Besides new estimates that show slower-than-expected state revenues next year, Connecticut is facing higher-than-anticipated state pension costs.

Malloy says, however, he doesn’t expect having to “raise a lot of additional dollars” through tax increases in the new budget.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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