Hartford, CT – State Senator Robert D. Russo (R-Bridgeport) today joined House and Senate Republican leaders in introducing a balanced budget proposal that would cut state gas taxes, provide tax incentives to small businesses and reduce state spending by more than $160 million.

The plan includes several proposals Russo has advocated for throughout his campaign and since being elected to the State Senate on March 11th.  It calls for a two-year phase out of the Business Entity Tax, an expansion of the job creation tax credit, and the elimination of the .5% increase in the gross receipts tax on gasoline scheduled for July 1st.  In an effort to save money and slow the growth of government, more than 11,000 eligible state workers will be offered an optional early retirement plan.

“Some members of the General Assembly are advocating that we simply live with the budget we already have in place.  But to do that is to ignore the fact that economic conditions have gotten worse and we are now projecting potentially huge budget deficits for 2010 and 2011,” said Senator Russo.  “People in the 22nd district and all across Connecticut want to know that their government is tightening its belt as we all tighten ours.  Our budget proposal would help to streamline state government, avoid budget deficits in coming years, and provide immediate relief to small businesses and families struggling with the rising costs of gas, groceries and other necessities.”

The Republican budget is balanced and below the state spending cap.  It is currently the only budget proposal before the General Assembly that offers significant and lasting tax cuts and funding for the two major criminal justice initiatives adopted this year. The Republican budget also addresses shortfalls in the Special Transportation Fund (STF) and makes necessary transfers in order to keep the STF in balance.

Click here for more information about the Republican Alternative budget proposal.