OFA Fiscal Note

State Impact: See Explanation Below

Municipal Impact: See Explanation Below

Explanation

The bill as amended makes allotment modifications and revenue adjustments to the FY 03 budget and makes various changes to implement these adjustments to the budget.

For FY 03, the bill as amended reduces General Fund allotments by $129. 4 million. The amendment specifies that the amount of any allotment reductions resulting from the Governor's January 24, 2003 recisions (which total $16. 2 million) shall not exceed the larger of such reductions or the reductions in the amendment. The amount of corresponding reductions included within the amendment total $7. 1 million. Additionally, the amendment reduces the Special Transportation Fund allotments by $9. 0 million and reduces the allotments to the Mashantucket Pequot and Mohegan Fund by $21. 5 million for FY 03.

The table below outlines the revenue impact of the amendment.

Grants to Towns

The bill as amended modifies allotments for grants to towns, which results in a net reduction of $40. 06 million on all funds basis for grants to towns in FY 03.

Spending Cap & Growth Rate

The modifications to allotments made in this bill as amended do not change the FY 03 spending cap or budget growth rates, as FY 03 appropriations are not reduced.

A section-by-section analysis follows.

Section 6(a) specifies that the modification to an allotment for a municipal grant account be applied on a pro rata basis. The amendment makes a net reduction of $40. 06 million in FY 03 in grants to municipalities. Additionally, this section specifies that any allotment reduction to an appropriation be applied proportionately to grantees from that line item.

Section 6(b) establishes an early retirement plan for state employees who are part of the State Employee Retirement System. It is anticipated that this plan would result in a FY 03 savings of $39. 5 million for the General Fund and Transportation Fund (of which $36. 9 million is a general fund savings and would be an identifiable portion of the governor's $93. 1 million union concession proposal). The bill as amended reduces allotments by $4. 5 million in FY 03 to reflect an early retirement plan for non-represented employees.

Section 6(c) reduces FY 03 allotments up to $12. 25 million for a general accounts reduction of 1. 75%. This section permits allotments, which do not affect personal services, the operating expenses of higher education, grants to towns or entitlements to be reduced by 1. 75%.

Section 6(d) delays the opening of the expansion of MacDougal Correctional Center until July 1, 2003. The bill as amended reduces allotments for the Department of Corrections by $3. 5 million in FY 03 in anticipation of the delayed opening.

Section 6(e) transfers $52. 0 million from the Transportation Fund to the General Fund in FY 03. (There is a $9. 0 million reduction in Town Aid Road grants in the Transportation Fund in FY 03. )

Section 6(f) transfers $10 million from the Probate Court Administration Fund to the General Fund in FY 03.

Section 6(g) transfers $2. 5 million from the Commercial Recording Account to the General Fund in FY 03.

Sections 6(h) House "C" (LCO 3700) eliminates the $1 million transfer from nursing home staffing to the non-profit nursing home incentive grant established in House "A" (LCO 3689)

Section 6(i) requires the Retirement Commission to request an actuarial interim valuation to take into account the impact of the Early Retirement Incentive Program. The cost of the interim valuation will be paid from the resources of the State Employees Retirement Fund and is anticipated not to exceed $60,000. Based upon the results of prior ERIPs, it is expected that the interim valuation will result in a certification of a lower state contribution in FY 05. A preliminary estimate by a consulting actuary indicated that the decrease in the SERS normal cost is expected to be greater than the amortization payment of the increase in the SERS unfunded liability by approximately $20 million in FY 05.

Section 6 (j) provides that each person laid off but returned to state employment shall be deemed to have been continuously employed by the state with no interruption in service or pension credit for purposes of the State Employee Retirement System. This is anticipated to have a minimal fiscal impact.

Section 6(k) specifies that no additional allotment modifications may be made to the Priority School District grant.

Section 7 eliminates the continuous eligibility policy for the HUSKY A program. Under this policy, a child who is determined to be eligible for benefits remains eligible for twelve months, even if there is a change in status that would otherwise make the child ineligible. This change is expected to save $800,000 in FY 03 and $3. 5 million annually.

Section 8 requires that the home health services fee schedule include a fee for a home visit that is solely for the purpose of administering medications. This is expected to save $3 million in FY 03 and $9. 5 million in subsequent fiscal years.

Section 9 requires Medicaid recipients to make a one-dollar co-payment for all outpatient medical services and for each prescription filled. It is estimated that the co-payment on outpatient services will save $1. 65 million in FY03 and $6. 6 million in subsequent fiscal years. The pharmacy co-payment is expected to save $1. 1 million in FY 03 and $4. 5 million annually thereafter. The commissioner of Social Services is given the discretion to modify the co-payment requirements for certain patients who have drugs dispensed in less than a 30 day supply and may exempt residents of institutional settings for the co-payments.

Section 10 suspends Medicaid coverage for parents of children enrolled in the HUSKY program with incomes between 100% and 150% of the federal poverty level until July 1, 2005. This change is expected to save $12 million in FY 03 and $54 million in FY 04 and FY 05. This would eliminate medical coverage for approximately 23,000 people.

Section 11 reduces the dispensing fee paid to pharmacies for each prescription dispensed under the Medicaid, State Administered General Assistance (SAGA), ConnPACE and AIDS drug assistance programs from $3. 85 to $3. 60. This change is expected to save $900,000 in FY 03 and $1. 8 million annually thereafter.

Section 12 eliminates the guaranteed eligibility policy for the Medicaid program. Under this policy, a adult who was determined to be eligible for benefits would remain eligible for six months, even if there is a change in status that would otherwise make the client ineligible. This change is expected to save $1. 2 million in FY 03 and $5. 3 million thereafter.

Section 13 reduces the number of six-month extensions that a Temporary Family Assistance recipient can receive at the end of their initial 21-month eligibility period, effective July 1, 2003. Currently, a recipient can receive up to three such extensions, providing they are meeting certain requirements. With this change, a recipient would be limited to two extensions. This change is expected to save $3. 5 million in FY 04.

Section 14 increases the prescription co-pay for all program participants from $12 to $16. 25. This change is expected to save $2. 09 million in FY 03 and $5. 1 million annually.

Section 15 increases the annual application fee for the ConnPACE program from $25 to $30. This change is expected to reduce program expenditures by $130,000 in FY 03 and $260,000 in FY 04.

Section 16 reduces the income eligibility standards for Transitional Child Care from 75% of the statewide median income (SMI) to 55% of the SMI. This is expected to save $500,000 in FY 03 and $1 million in subsequent fiscal years.

Section 17 delays the scheduled 2% Medicaid rate increase for nursing homes from January 1, 2003 until June 1, 2003. This change is expected to save $10. 5 million in FY 03.

Section 18 requires SAGA recipients to make a one-dollar co-payment for all outpatient medical services and for each prescription filled. It is estimated that these co-payments will save $1. 1 million in FY 03 and $2. 75 million annually thereafter.

Section 19 mandates that the Department of Social Services adopt a preferred drug list by July 1, 2003. Implementation of this initiative had previously been subject to the recommendations from the Medicaid Pharmaceutical and Therapeutics Committee. This section has no direct fiscal impact as current service estimates for FY 04 already assume savings from the preferred drug list.

Section 20 and 21 directs $1 million a month, beginning in February 2003 through July 2005, from the Energy Conservation Load Management Fund to a non-lapsing account within the state general fund for state agency's electrical costs. It is anticipated that $6 million will be accrued to the General Fund for FY 03, the bill as amended reduces allotments by $6 million for state agency energy costs.

The energy conservation and load management fund is not a state fund, but rather a separate fund the electric distribution companies are required to maintain. The electric distribution companies collect an assessment of three mills per kilowatt-hour of electricity sold. Annual receipts to the fund are approximately $83-$88 million annually, but may vary according to the amount of energy consumed.

SECS. 22 - 24 - INCOME TAX

Fiscal Impact:

OLR Analysis

The amended bill increases the tax rate on the upper bracket of the income tax from 4. 5% to 5%. The increases applies to taxable income over $20,000 for joint filers; $10,000 for single filers and married people filing separately; and $16,000 for heads of household.

Because the amended bill does not change the personal exemptions or the 3% rate for the lowest tax bracket, the increase affects only those with Connecticut adjusted gross incomes (AGIs) over $44,000 for joint filers; $22,500 for single filers; $22,000 for married people filing separately; and $35,000 for heads of household.

The amended bill also increases the income tax rate on trusts and estates from 4. 5% to 5. 0%.

Tax rates and brackets under the current law and the amended bill are shown in Table 1. Each tax rate shown applies only to the taxable income that falls within the corresponding income bracket and not to a taxpayer's taxable income above or below the bracket. Taxable income is Connecticut AGI minus exempt income. For 2003, the maximum exemptions are $12,000 for married people filing separately; $12,500 for singles; $19,000 for heads of household; and $24,000 for married couples. Exemptions are phased out at higher incomes. Taxpayers with Connecticut AGIs above $71,000 for joint filers; $56,000 for heads of household; $36,000 for singles; and $35,000 for married separate filers receive no exemptions.

TABLE 1: CURRENT AND PROPOSED (FOR 2003 AND AFTER) TAX RATES AND BRACKETS

The amended bill requires the Department of Revenue Services (DRS) to issue special withholding tables by March 1, 2003 that reflect its income tax changes from January 1, 2003, and that result as far as practicable in six months of withholding under the new rates by June 30, 2003. The commissioner must reissue withholding tables under the usual procedures after June 30, 2003.

The amended bill also requires taxpayers who must pay estimated tax through the year to adjust their June 2003 estimated tax payments for any increase that applies to them for the 2003 tax year. Thus, the bill overrides the so-called "safe-harbor" provision, which ordinarily requires taxpayers making estimated payments to make quarterly payments of 25% of their tax liability for the preceding year and total annual payments of 90% of their liability for the current year.

EFFECTIVE DATE: Upon passage and applicable to tax years starting on or after January 1, 2003 for the new rate; upon passage for the withholding table and estimated tax requirements.

SALES AND USE TAX

Secs. 25-27 & 57 - Sales Tax Extensions

Fiscal Impact:

OLR Analysis:

The amended bill imposes a 3% sales and use tax on advertising services for developing media and cooperative direct mail advertising.

It also extends the full 6% sales tax to the following items and services:

1. health and athletic club services, unless the services are provided by a nonprofit organization or municipality or the charges for the services are included in club dues or fees already subject to the dues tax;

2. newspapers; and

3. magazine subscriptions.

By law, advertising services include layout, art direction, graphic design, mechanical preparation, and production supervision. Current DRS policy defines "cooperative direct mail advertising" as packages of advertisements or coupons from many different businesses sent in a single envelope or bundle to potential customers in a specific area (DRS TSSN-30).

EFFECTIVE DATE: April 1, 2003 and applicable to sales on or after that date.

Sec. 28 - Exemption for Clothing and Footwear

Fiscal Impact:

OLR Analysis:

The amended bill restricts the sales tax exemption for clothing and footwear to items costing less than $50. The current exemption applies to clothing and footwear costing less than $75.

EFFECTIVE DATE: April 1, 2003 and applicable to sales on or after that date.

SECS. 29-31 - CIGARETTE TAX

Fiscal Impact:

OLR Analysis:

The amended bill increases the cigarette tax by 40 cents per pack, from $1. 11 to $1. 51 per pack of 20 (55. 5 to 75. 5 mills per cigarette), starting March 15, 2003.

The bill also imposes a 40-cent tax on each pack of cigarettes (20 mills on each cigarette) that dealers and distributors have in their inventories at the later of the close of business or 11: 59 p. m. on March 14, 2003. By April 15, 2003, each dealer and distributor must report to DRS the number of cigarettes in inventory as of that time and date. Failure to file the report by the due date is grounds for the department to revoke a dealer's or distributor's license, and willful failure to file subjects the dealer or distributor to a fine of up to $1,000, one year in prison, or both. A dealer or distributor who willfully files a false report can be fined up to $5,000, sentenced to between one and five years in prison, or both.

EFFECTIVE DATE: Upon passage. The tax increase applies to cigarettes sold on or after March 15, 2003.

SECS. 32-35 - BUSINESS TAX SURCHARGE

Fiscal Impact:

OLR Analysis:

For 2003, the amended bill imposes a 20% surcharge on (1) the corporation tax and (2) the annual $250 tax on limited liability companies (LLCs), limited liability partnerships (LLPs), limited partnerships (LPs), and S corporations. The surcharge is due, payable, and collectible as part of each company's total tax for the year.

Companies subject to the corporation tax must calculate their surcharges based on their tax liability excluding credits. The surcharge applies whether a corporation uses the net income or the alternative capital base method to calculate its tax.

The amended bill requires corporation taxpayers to adjust their June 2003 installment payments to incorporate its changes in their liability for the 2003 income year. It thus overrides a so-called "safe-harbor" statute that requires corporation taxpayers to pay installments equal to (1) 90% of their liability for the current income year or (2) 100% of their liability for the previous year, whichever is less. Under the existing safe harbor law, the percentages due in each quarterly installment are 30% for the first quarter, 40% for the second, 10% for the third, and 20% for the fourth.

EFFECTIVE DATE: Upon passage and applicable to income years or tax years, as appropriate, starting on or after January 1, 2003. Upon passage for the provision concerning the corporation tax installments due in June 2003.

SEC. 36 - PETROLEUM PRODUCTS GROSS EARNINGS TAX REVENUE

Fiscal Impact:

OLR Analysis:

For FY 2002-03, the amended bill suspends transfers to the Special Transportation Fund (STF) of petroleum products gross earnings tax revenue derived from motor fuel sales. Current law requires the DRS commissioner to transfer $11. 5 million of such revenue to the STF every quarter.

EFFECTIVE DATE: Upon passage

SECS. 37- 39 - ACCRUAL OF TAX PAYMENTS

Fiscal Impact:

OLR Analysis:

The law allows the comptroller to count ("accrue") certain tax payments received during July as part of the revenue for the preceding fiscal year, which ends June 30. This bill, as amended:

1. extends the deadline for accruing corporation tax payments for the preceding year to payments postmarked by August 15 or, if that is a weekend or holiday, the following business day instead of by July 31 or, if that is a weekend or holiday, the following business day;

2. allows the comptroller to accrue for the preceding year all personal income tax payments instead of only payments withheld by employers from employee wages, if they are postmarked by July 31 or, if that is a weekend or holiday, the following business day; and

3. starting with FY 2002-03, allows the comptroller to accrue to the preceding fiscal year all real estate conveyance tax payments postmarked by July 31 or, if that is a weekend or holiday, the following business day.

EFFECTIVE DATE: Upon passage

SEC. 40 - REAL ESTATE CONVEYANCE TAX

Fiscal Impact:

OLR Analysis:

From March 15, 2003 to June 30, 2004, the amended bill increases the municipal portion of the real estate conveyance tax from 0. 11% to . 25% of the sale price. It also gives the 17 "targeted investment communities" and any town that has a manufacturing plant that qualifies for enterprise zone benefits the option of increasing their municipal real estate conveyance tax by an additional quarter point to 0. 5%. The latter provision affects the following towns: Bloomfield, Bridgeport, Bristol, East Hartford, Groton, Hamden, Hartford, Meriden, Middletown, New Britain, New Haven, New London, Norwalk, Norwich, Southington, Stamford, Waterbury, and Windham.

The real estate conveyance tax is paid by sellers. Unimproved land or property sold for $2,000 or less is exempt.

EFFECTIVE DATE: March 15, 2003

SEC. 41 - HOTEL TAX ALLOCATION TO TOURISM DISTRICTS

Fiscal Impact:

OLR Analysis:

The amended bill requires the DRS commissioner to retain for the General Fund an extra $1 million per year in FYs 2003, 2004, and 2005 from the state's 12% tax on hotel and lodging house rooms. He must deduct the funds proportionately from the revenue ordinarily distributed to the state's 11 tourism districts without reducing statutorily required allocations to:

1. the Capital City Economic Development Authority,

2. the Greater Hartford Arts Council,

3. the New Haven Coliseum Authority,

4. the Stamford Center for the Arts,

5. the Maritime Center Authority in Norwalk, and

6. the Greater Fairfield Tourism District to market Bridgeport attractions.

EFFECTIVE DATE: Upon passage

SEC. 42 - ATTORNEY OCCUPATIONAL TAX EXTENDED

Fiscal Impact and OLR Analysis:

General Fund Revenue Increase - Restricted

The amended bill extends the $450 annual occupational tax on attorneys admitted to practice in Connecticut to also cover attorneys admitted to practice here temporarily under court rules as attorneys pro hac vice (for the occasion or purpose) in order to conduct a particular case. The amended bill requires such attorneys to file an occupational tax return with the DRS commissioner and pay the tax for any year in which they are temporarily admitted. The amended bill credits General Fund revenue attributable to this change (about $220,000 annually) to the Judicial Department's Other Expense account (See Section 51).

EFFECTIVE DATE: Upon passage

SECS. 43-49 - COURT FEES

Fiscal Impact and OLR Analysis:

General Fund Revenue Increase - Restricted

The amended bill sets up three new court fees and increases seven existing court fees, as shown in Table 2. It credits General Fund revenue attributable to these changes to the Judicial Department's Other Expense account. Anticipated FY 03 revenue is $1. 5 million.

Fee Exemptions

The amended bill extends the exemption from certain court fees already granted to various state officials and employees to attorneys employed by the Department of Social Services. It also expands the fees from which the officials are exempt.

The exemption already applies to the following:

· Jury fees,

· Court fees,

· Additional fees for civil cases,

· Property and wage execution fees, and

· Fees for appeals from family support magistrate decisions.

The amended bill adds new fees on executions against money payable to judgment debtors by banks and credit unions.

The following officials are already exempt from paying the fees:

· Members of the Division of Criminal Justice or Public Defender Services;

· Judicial Department employees performing their duties;

· The attorney general and any assistant attorney general;

· The consumer counsel;

· Attorneys employed by the Consumer Counsel's Office, the Department of Revenue Services, the Commission on Human Rights and Opportunities, the Freedom of Information Commission, the Board of Labor Relations, Office of Protection and Advocacy for Persons with Disabilities, and the Office of Victim Advocate; and

· Any attorney the court appoints either to assist any of the above officials or to act for them in any special case, while the attorney is acting in that capacity.

The amended bill adds attorneys employed by the Department of Social Services and any court-appointed attorney helping or acting for the department in any special case. There is a minimal fiscal impact associated with these changes.

EFFECTIVE DATE: Upon passage

SEC. 50 - COMMUNITY SERVICE LABOR PROGRAM FEE

Fiscal Impact and OLR Analysis:

General Fund Revenue Increase - Restricted

The amended bill establishes a $205 program fee for the Community Service Labor Program that the Judicial Department administers. The amended bill requires the revenue from this fee to be deposited into the department's Alternative Incarceration Program Account in the General Fund.

Certain people charged with violating drug laws may participate in the Community Service Labor Program, which is within the Court Support Services Division. Program activities include performing unpaid labor for government agencies and nonprofit charitable organizations. The court must dismiss the charges against anyone who successfully completes the program. There were 3,700 people who participated in the program in FY 02. Anticipated annual revenues from the new fee are $400,000 to $600,000 depending on how many fees the court waives for indigence.

EFFECTIVE DATE: July 1, 2003

SEC. 51 - JUDICIAL DEPARTMENT OTHER EXPENSE ACCOUNT REVENUE

Fiscal Impact:

(See Sections 42-49 above)

OLR Analysis:

The amended bill credits all revenue from specified fees and taxes established or increased on or after its effective date, up to a maximum of $1. 5 million in FY 2002-03 and $4. 9 million annually thereafter, to the Judicial Department's Other Expense Account. The allocation covers revenue from the extension of the attorney's occupational tax (Section 42) and the new fees and fee increases the amended bill establishes in Sections 43-49.

The Judicial Department must, for each applicable fee or tax, certify to the state treasurer the amounts to be credited to its Other Expenses Account and to the General Fund.

EFFECTIVE DATE: Upon passage

SEC. 52 - PRESCRIPTION DRUG PURCHASES

Fiscal Impact:

To the extent that this provision results in the state purchasing prescription drugs at cost less than they would have otherwise paid, savings will be achieved in the Medicaid, General Assistance, and ConnPACE programs.

EFFECTIVE DATE: Upon passage

SEC. 53 - PROPERTY TAX EXEMPTION FOR MANUFACTURING MACHINERY AND EQUIPMENT AND TRUCKS

Fiscal Impact:

In municipal FY 04, the amended bill permits municipalities to tax the difference between 1) the amount of the FY 03 state reimbursement for manufacturing machinery and equipment reimbursed at 80% of the exemption, less the governor's extraordinary rescission authority and 2) the reduced amount of the FY 03 PILOT for Manufacturing Machinery and Equipment specified in the bill.

It is uncertain whether municipalities would opt to implement this tax and it is unknown what proportion of the FY 03 PILOT for Manufacturing Machinery and Equipment is reimbursed at the 80% exemption rate versus those properties reimbursed at 100% exemption rate.

OLR Analysis:

By law, new machinery, equipment, and large trucks are exempt from property taxes for five years after being acquired. The state reimburses municipalities for 100% of the revenue lost from such exemptions approved before October 1, 2000 and 80% for exemptions approved on or after that date.

The amended bill allows a town, by vote of its legislative body, to impose a tax in its 2004 municipal fiscal year on machinery, equipment, and trucks approved for the exemption from its October 1, 2001 grand list. The tax must be no more than the difference between the state reimbursement grant, as modified by the governor under the extra rescission authority granted in PA 02-1, May 9 Special Session, and the grant amount under the amended bill.

The current property tax exemptions and the amended bill apply to:

1. new or newly acquired machinery and equipment used in manufacturing or biotechnology, including machinery and equipment used for research and development, metal finishing, or producing motion pictures, video, or sound recordings;

2. new commercial trucks and vehicles used in combination with them that have a gross vehicle weight rating of more than 26,000 pounds and are used exclusively for carrying freight in inter- or intrastate commerce; and

3. any new commercial truck and vehicle used in combination with it that has a gross vehicle weight rating of more than 55,000 pounds.

EFFECTIVE DATE: Upon passage

SECS. 54 & 55 - CABLE T. V. GROSS EARNINGS TAX

Fiscal Impact:

OLR Analysis:

The amended bill requires cable t. v. companies to pay their 5% gross earnings tax on a quarterly rather than an annual basis, starting January 1, 2003. It requires companies to file tax returns for quarters ending March 31, June 30, September 30, and December 31 by the last day of the following month, instead of every April 1 for the year ending on the preceding December 31. Quarterly returns must contain the amount of the company's taxable gross earnings and any other information the DRS commissioner requires. Current annual returns must contain the company's taxable gross earnings, name, and location.

The bill specifies that it does not affect annual returns and taxes for the 2002 tax year due on April 1, 2003 under the current law.

Starting with FY 2002-03, the amended bill allows the comptroller to accrue to the preceding fiscal year all cable television gross earnings tax payments postmarked by July 31 or, if that is a weekend or holiday, the following business day.

EFFECTIVE DATE: The quarterly tax payment requirement is effective on passage and applies to calendar quarters starting on or after January 1, 2003. The accrual provision is effective on passage.

SEC. 56 - SECTIONS REPEALED

Fiscal Impact and OLR Analysis:

SSI Personal Needs Allowance

The amended bill eliminates the scheduled increase in the personal needs allowance for recipients of Supplemental Assistance. This elimination is expected to save approximately $473,000 in FY 03 and $946,000 in FY 04.

Estate Tax Provision

The amended bill repeals a law that (1) voids the state tax on the estates of people who die after the effective date of either a repeal of the federal estate tax or the state estate tax credit against the federal tax or a U. S. Supreme Court decision that the federal tax or the state credit is unconstitutional and (2) requires that, if Congress changes the federal estate tax credit, the state tax automatically adjust to absorb the full federal credit.

EFFECTIVE DATE: Upon passage

SEC. 57 - SALES TAX EXEMPTION ELIMINATED

The amended bill eliminates sales tax exemptions for newspapers and magazine subscriptions. (See Sec. 25 above).

EFFECTIVE DATE: April 1, 2003

SEC. 501 - Budget Reserve Fund

Fiscal Impact:

The bill as amended increases the amount of unappropriated surplus transferred to the Budget Reserve Fund from the current seven and one-half percent to ten per cent. Since any unappropriated surplus beyond the current seven and one-half percent level is used to reduce debt service and to provide funds for the State Employees Retirement Fund this portion of the amendment would potentially reduce the funds used for those purposes.

OLR Analysis:

The bill as amended increases the Budget Reserve Fund's maximum balance from 7. 5% to 10% of the net General Fund appropriations for the fiscal year in progress. By law, once the fund reaches the maximum, the treasurer is not required to transfer additional unappropriated General Fund surpluses to it. Also by law, certain surpluses that exceed the maximum allocable to the reserve fund must be transferred for such purposes as funding the State Employees Retirement Fund and to pay off state debt.

EFFECTIVE DATE: July 1, 2003

The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely for the purposes of information, summarization and explanation and does not represent the intent of the General Assembly or either House thereof for any purpose.