Gov. Ned Lamont outlined several tax policy proposals on Wednesday that he says will save taxpayers more than $300 million.

Lamont’s proposed tax cuts, estimated to be $336 million, come in the form of a property tax credit, a student loan tax credit, pensions and annuities and lowering the mill rate cap. They will go to the legislature, whose regular session starts Feb. 9, for consideration.

The proposals, Lamont and Secretary of the Office of Policy and Management Melissa McCaw said, come as the state projects an almost $1.5-billion budget surplus.

In an afternoon news release from the governor’s office put out at the same time as his news conference, Lamont said Connecticut had a $3.7 billion budget deficit when he took office three years ago.

“Today, Connecticut has a surplus, and we did it without broad-based tax increases, and while making an historic investment in our pension obligations and leaving the rainy day fund untouched,” Lamont said in the release. “Connecticut’s fiscal health is stronger than it’s been in decades, and now we can move toward the next phase of the Connecticut comeback — cutting taxes for the people who live here.”

Property tax credit

Lamont is proposing restoring full eligibility for the property tax credit, which would affect about 500,000 people. Right now people older than 65 or people with dependents qualify for the tax credit. But Lamont’s change would have all adults — who make $109,500 or less for single filers and $130,500 or less for joint filers — qualify.

He also is proposing increasing the property tax credit from $200 to $300. The state estimates that these two property tax credit-related policies combined will have an impact of $123 million.

“I think we’re jump-starting the economies in our towns and municipalities, and that starts with the property tax,” Lamont told reporters Wednesday.

Pensions and annuities

Lamont is asking the legislature to move up the phase-in of the pensions and annuities state income tax exemption from 2025 to 2022. The exemption affects single filers who make less than $75,000 and joint filers who make less than $100,000.

“Accelerating the exemption three years earlier will have an estimated fiscal impact to the state of $42.9 million in (fiscal year) 2023, declining to $0 in FY 2026 as the existing phase-in is already assumed in the consensus forecast,” the release reads.

Student loan credit

The governor is looking to expand a student loan tax credit that gives employers a 50% tax credit on up to $5,250 in payments on an employee’s student loan.

“The program would leverage business expenditures alongside the state tax credit to significantly expand eligibility to all loans issued by the Connecticut Higher Education Supplemental Loan Authority,” the release reads. The policy would have an approximately $9.4 million impact.

Car tax reduction

Lamont urged the legislature to lower the mill rate cap on motor vehicle property taxes that towns collect from car owners from 45 mills to 29 mills. The state then would reimburse municipalities for the loss in revenue.

This would allow property tax relief for more than 1.7 million vehicles in 103 municipalities — more than three-quarters of the number of cars in the state. McCaw said the state would calculate reimbursements to municipalities through submitted grand lists and mill rates. About $160 million would go to municipalities as a result.

“The motor vehicle tax reduction is an existing program we’re just expanding. We’ve already demonstrated an ability to backpay those communities that need it,” state Department of Revenue Services Commissioner Mark Boughton said during Wednesday’s news conference.

During the news conference, Lamont said he hopes these tax policies are not onetime measures and he believes they are “sustainable.”

“We saw significant improvement with consensus revenues ... Connecticut’s economy is very strong,” McCaw said. “If we continue on this trajectory, we do feel these are sustainable adjustments we can make in our tax policy.”

In a series of tweets, Republican candidate for governor Bob Stefanowski criticized the governor’s proposals.

“These proposals don’t even begin to scratch the surface of lowering the burden of affordability on Connecticut’s families and small businesses,” Stefanowski said.

Stefanowski also suggested cutting the sales tax, which Lamont said during Wednesday’s news conference he has no plans to do.

Senate Republican Leader Kevin Kelly also responded to the governor’s proposals in a statement released from his office.

“It must be an election year since Democrats are talking about tax cuts. Unfortunately, there is no actual relief here until next year!” Kelly said. “Republicans have long called for relief when it comes to property taxes and taxes on pension in particular. But we also need immediate relief.”

s.spinella@theday.com