Connecticut Seal

General Assembly

File No. 415

    February Session, 2010

Substitute House Bill No. 5435

House of Representatives, April 8, 2010

The Committee on Commerce reported through REP. BERGER of the 73rd Dist., Chairperson of the Committee on the part of the House, that the substitute bill ought to pass.

This act shall take effect as follows and shall amend the following sections:

Section 1

July 1, 2010

New section

Sec. 2

July 1, 2010

New section

Sec. 3

July 1, 2010, and applicable to taxable years commencing on or after January 1, 2010

New section

Sec. 4

October 1, 2010

32-35(b)

Sec. 5

October 1, 2010

32-41w

Sec. 6

October 1, 2010

32-39

Sec. 7

October 1, 2010

32-35(h)

Sec. 8

July 1, 2010

32-1c

Sec. 9

July 1, 2010

32-222

Sec. 10

October 1, 2010

10-282(3)

Sec. 11

July 1, 2010, and applicable to income or taxable years, as appropriate, commencing on or after January 1, 2011

12-217ii

Sec. 12

July 1, 2010

New section

Sec. 13

July 1, 2010

38a-88a

Sec. 14

from passage and applicable to income years commencing on or after January 1, 2011

Repealer section

CE

Joint Favorable Subst.

 

Agency Affected

Fund-Effect

FY 11 $

FY 12 $

Education, Dept.

GF - Cost

Significant

Significant

Legislative Mgmt.

GF - Cost

Minimal

Minimal

Treasurer, Debt Serv.

GF - Cost

See Below

See Below

Department of Economic & Community Development

GF - Cost

243,147

243,302

CT Innovations Inc. (quasi-public)

Various - Cost

See Below

See Below

Department of Revenue Services

GF - Revenue Loss

See Below

See Below

Comptroller Misc. Accounts (Fringe Benefits)1

GF - Cost

45,061

115,788

Credit

2005

2006

2007

Average

Computer Donation

250

340

0

197

Financial Institutions

0

839

0

280

Research Grants to Higher Ed

229,755

0

21,657

83,804

SBA Guaranty Fee

178,791

893

33,324

71,003

Total

408,796

2,072

54,981

155,283

Maximum General Fund Revenue Loss from the Insurance Reinvestment Fund Program Tax Credit

Fiscal Year

Percent Credit claimed

Maximum Revenue Loss

($ millions)

FY 10

0%

0

FY 11

0%

0

FY 12

0%

0

FY 13

10%

20

FY 14

10%

20

FY 15

10%

20

FY 16

10%

20

FY 17

20%

40

FY 18

20%

40

FY 19

20%

40

Total

100%

200

Yea

19

Nay

1

(03/23/2010)

TOP

1 The estimated non-pension fringe benefit rate as a percentage of payroll is 26.66% which includes health insurance, social security, Medicare, life insurance, and unemployment compensation. Fringe benefit costs for new positions do not include pension costs as new positions will not impact the state's pension contribution until FY 12 after the next scheduled actuarial valuation.

2 CII is a quasi-public state agency that does not receive resources from the General Fund. It provides assistance for: (a) development of new business; (b) research and development of new businesses; and (c) financing.

3 Personnel include a 0.5 FTE Investment Analyst and a 0.2 FTE Investment Manager

4 Personnel costs include: 0.25 FTE for an Investment Analyst, 0.25 for an Associate Investment Analyst and 0.5 for an Investment Manager.

5 The household median income in Connecticut was $68,595 in 2008 according to the Bureau of Labor Statistics. The bill specifies the credit only applies to jobs with salaries greater than or equal to 80% of CT median income but the bill is unclear how median income will be determined.