OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-379

AN ACT ESTABLISHING A LAND VALUE TAXATION PILOT PROGRAM.

AMENDMENT

LCO No.: 8344

File Copy No.: 240

Senate Calendar No.: 228

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 10 $

FY 11 $

Policy & Mgmt., Off.

GF - None

None

None

Note: GF=General Fund

Municipal Impact:

Municipalities

Effect

FY 10 $

FY 11 $

Newtown; Watertown; Suffield; Windsor; West Hartford

Revenue Gain

Potential Significant

None

Various Municipalities

Potential Revenue Loss

Potential Minimal

None

Explanation

The amendment will result in a significant revenue increase in the Payment-in-Lieu-of Taxes for Manufacturing Machinery and Equipment (PILOT MME) to Newtown, Watertown, Suffield, Windsor and West Hartford in FY 10. Since the appropriation contained in sHB 6365 (the budget bill as favorably reported by the Appropriations Committee) is not sufficient to fully fund the PILOT MME grant, all payments are subject to a pro rata reduction. Thus there is no state fiscal impact, but grants to all other municipalities will experience a minimal revenue loss.

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.