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LCO No.: 7685

File Copy No.: 940

House Calendar No.: 309

OFA Fiscal Note

State Impact: See Below

Municipal Impact: See Below


The amendment changes the effective date of Section 4 of the underlying bill from July 1, 2010 to July 1, 2011. This will postpone for one year; 1) a significant cost to the Department of Revenue Services (DRS) , 2) the potentially significant revenue loss to the General Fund from the sales and use tax, and 3) the corresponding revenue gain to municipalities from the sales and use tax.

In addition the amendment removes section 6 of the underlying bill. This will eliminate; 1) a total potential revenue gain to all municipalities of $6 million to $6.5 million per year beginning in FY 10, and 2) a cost to DRS of approximately $430, 000 in FY 10.

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. In general, fiscal impacts are based upon a variety of informational sources, including the analyst's professional knowledge. Whenever applicable, agency data is consulted as part of the analysis, however final products do not necessarily reflect an assessment from any specific department.