New CT Tax Law Helps the State But Could Be a Slippery Slope For You
We all hate paying taxes.
Taxes become particularly terrifying when they are due but you don't actually have the money to pay them. The State of Connecticut may have solved this problem for many but it could be a slippery slope.
How would you like to pay taxes with your credit card? Doesn't that sound like a fun and scary? You don't have the money so you put it on the credit card and pay interest on it for awhile. Yeah, problem solved for the State of CT, they get their money and you kick the can down the road and owe the credit card company.
It will now be a legal way to pay your taxes in Connecticut. This is one of the new laws set to take effect on October 1, 2023. This is the summary of the law from the Connecticut General Assembly:
AN ACT CONCERNING THE ELECTRONIC PAYMENT OF MUNICIPAL
SUMMARY: Under existing law, municipalities may allow taxpayers to pay tax
bills (including penalties, interest, and fees) using credit cards. This act expands the
allowable payment methods to include charge cards, debit cards, and electronic
payment services (e.g., PayPal). It correspondingly extends to these payment
methods the conditions that already apply to credit cards. Specifically, it (1) allows
the municipality to set conditions on their use; (2) allows the municipality to charge
a service fee for using these payment methods, up to the service fee amount charged
by the servicer or card issuer; and (3) specifies that any debts incurred for using
these payment methods are not enforceable through municipal tax liens.
It sort of a good news bad news for us regular folks. We don't have to go to jail and we can keep our vehicles on the road but it means the debt will continue to pile up. Thanks Connecticut!
Check out the full list of new laws coming to Connecticut in October.