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.

AMENDMENT

LCO No.: 7797

File Copy No.: 986

Senate Calendar No.: 337

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 10 $

FY 11 $

Department of Revenue Services

GF - Revenue Loss

See Below

See Below

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment makes various changes to the new jobs tax credit; 1) reduces the number of new jobs required to qualify for the credit from ten to one, 2) changes the amount of the credit to $1500 per new employee, 3) allows the credit to be sold, and 4) allows the credit to be taken against the personal income tax. To the degree that these changes increases the amount of credits claimed under the $10 million annual cap, this will result in a General Fund revenue loss from the four taxes for which it may be claimed.

To the extent that such financial incentives result in economic development that otherwise would not have occurred, the revenue loss could be off-set by additional tax revenue from the creation of new or expansion of existing business.

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.