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Connecticut – “May” be lowering sales tax rate next year

Posted by salestax on September 11, 2009

UPDATEAs suspected, no relief in the 6% sales tax rate.  See CT revenue news homepage.

UPDATE:  Looks unlikely that the CT rate will drop in 2010.  See Press Release here.

The general sales tax rate in Connecticut is to be lowered to5.5 percent effective January 1, 2010 (currently @ 6%). However, if the state’s general fund tax revenue for the 2010 fiscal year is +/=1% less than the 2010 fiscal year estimate of the legislature the sales tax rate will remain unchanged.

And, if the rate is reduced to 5.5% on 1/1/10 the state’s general fund tax revenue cannot fall 1% below the legislature’s estimate prior to June 30, 2010, or the rate will be increased back to 6 percent on July 1, 2010.

So, as with many things sales tax: CT tax might go down on 1/1/10, or it might not. And, if it does, it might only last for 6 months. If it lasts for more than 6 months, then it’s likely to be debated again in next year’s budget and could stay reduced long term, lowered again, or maybe raised again and possibly raised higher than it is today. Make sense?!? Great, moving on…Oh how we love this stuff!!!

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