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.: 8369

File Copy No.: 240

Senate Calendar No.: 228

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 10 $

FY 11 $

Department of Revenue Services

GF - Revenue Loss

7.0 million

7.3 million

Note: GF=General Fund

Municipal Impact:

Municipalities

Effect

FY 10 $

FY 11 $

Various Municipalities

Savings

7.0 million

7.3 million

Explanation

The amendment is estimated to result in a General Fund revenue loss of $7.0 million in FY 10 and $7.3 million in FY 11 from exempting health insurance contracts and policies sold to municipalities from the Insurance Premiums Tax.

Municipalities are anticipated to realize savings of $7.0 million in FY 10 and $7.3 million in FY 11 as a result of repealing the Insurance Premiums Tax.

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.