OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-1033

AN ACT ESTABLISHING A TAX CREDIT FOR GREEN BUILDINGS.

AMENDMENT

LCO No.: 9197

File Copy No.: 986

Senate Calendar No.: 337

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 amendment strikes the underlying bill and its associated fiscal impact. The amendment 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 amendment. Additionally, the amendment 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.

This amendment 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 $3 million per year thereafter. The total amount of credits taken per year is limited to $25 million.

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.