OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-1033

AN ACT ESTABLISHING A TAX CREDIT FOR GREEN BUILDINGS.

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 10

FY 11

Outyears

Department of Revenue Services

GF - Revenue Loss

None

None

Significant

Policy & Mgmt. , Off.

GF - Potential Revenue Gain

See Below

See Below

See Below

Policy & Mgmt. , Off.

GF - Potential Cost

See Below

See Below

See Below

Note: GF=General Fund

Municipal Impact: None

Explanation

The bill requires the Office of Policy and Management (OPM) to establish a uniform application fee up to $10,000 to cover all direct costs of administering the green buildings tax credit program established by the bill. Additionally, the bill permits OPM to hire an outside consultant to administer and review applications for the program. It is anticipated that the fees collected will be sufficient to cover the costs OPM will incur to administer the program.

The Out Years

This bill creates a corporation tax credit for investments in “green building” projects for FY 12 and FY 13. This credit is anticipated to result in a General Fund revenue loss of $1 million in FY 12 and $2 million per year thereafter.