OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sHB-5599

AN ACT CONCERNING THE TAXATION OF TELECOMMUNICATIONS COMPANY PROPERTY AND THE TIMELY FILING OF DECLARATIONS.

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 09 $

FY 10 $

Department of Revenue Services; Policy & Mgmt. , Off.

GF - None

None

None

Note: GF=General Fund

Municipal Impact:

Municipalities

Effect

FY 09 $

FY 10 $

Various Municipalities

Uncertain

See Below

See Below

Explanation

There is no fiscal impact to the Office of Policy and Management or the Department of Revenue Services to require telephone and telecommunications companies participating in the statewide system for personal property tax under 12-80a to submit lists of such property on a town-by-town basis.

Providing each town such a list and allowing municipalities to audit the information may result in municipal revenue increases or decreases, depending upon the outcomes of any audits.

There is a potential loss in revenue from the assessment of penalties on property tax declarations received after November 1, but postmarked by November 1.

The Out Years

The annualized ongoing fiscal impact identified above would continue into the future subject to inflation.