OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http: //www.cga.ct.gov/ofa

sSB-1440

AN ACT CONCERNING THE SPECIAL TAXING DISTRICTS WITHIN REDDING AND BRIDGEPORT AND THE AUTHORITY OF SPECIAL SERVICES DISTRICTS TO BORROW MONEY.

AMENDMENT

LCO No.: 8429

File Copy No.: 868

Senate Calendar No.: 561

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 08 $

FY 09 $

Department of Revenue Services

GF - Revenue Loss

530 million

537.5 million

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment increases the maximum property tax credit against the personal income tax from $500 to $1, 500 for income years commencing on or after January 1, 2007. This is expected to result in a General Fund revenue loss of $530.0 million in FY 08 and $537.5 million in FY 09.

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 chamber thereof for any purpose.