OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-652

AN ACT CONCERNING SMALL BUSINESS RETIREMENT PLANS.

AMENDMENT

LCO No.: 4305

File Copy No.: 603

Senate Calendar No.: 399

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 09 $

FY 10 $

Department of Revenue Services

GF - Revenue Loss

35 million

35 million

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment repeals the Business Entity Tax as of January 1, 2008 and will result in an annual General Fund revenue loss of approximately $35 million beginning 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.