Tax & Accounting Blog

Significant Connecticut Budget Shortfalls

Indirect Tax, ONESOURCE, State Reporting, Tax Provision November 29, 2012


Connecticut is currently projecting a $365 million deficit for 2013, a $1.18 billion shortfall for fiscal year 2014 and a $959 million shortfall in 2015; however, Gov. Dan Malloy (D) has pledged to not attempt to fill in the budget gap with additional tax revenues.  If the State Comptroller certifies the deficit at its current projected levels, the Governor and the State Budget Director will have 30 days to present the General Assembly with a budget management plan to work with the situation.  The Governor has insisted that spending cuts are the responsible way to restore the State’s financial woes.