Happy Friday, at least in Connecticut.
(Bloomberg) — Happy Friday, at least in Connecticut.
Governor Ned Lamont, fresh off cutting personal income tax for the first time in almost 30 years, is also lowering the cost of beer. He approved a 16.7% reduction on the excise tax, a nod to Connecticut’s burgeoning craft beer industry.
“This tax cut is another way that we can support our locally-owned, small businesses,” Lamont said in a statement.
Read more: Connecticut Lawmakers Approve Budget With Historic Tax Cut
The change goes into effect July 1 to kick off the holiday weekend. It means taxes on a barrel (31 gallons) of beer will be $6, down from $7.20 previously.
Connecticut’s tax revenue has dropped this year, but the state is still relatively flush with cash, projecting it will start fiscal 2024 with $6.3 billion in reserve, or about 28% of annual spending.
Read more: American States Once Awash in Cash Now Face Reversal of Fortunes
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