OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 ↓ (860) 240-0200

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SB-1

AN ACT CONCERNING THE PRESERVATION AND CREATION OF JOBS IN CONNECTICUT.

AMENDMENT

LCO No.: 4808

File Copy No.: 592

Senate Calendar No.: 423

OFA Fiscal Note

State Impact:

Note: GF=General Fund

Municipal Impact: None

Explanation

The amendment lowers the threshold for the imposition of the higher personal income tax rate on certain bonuses paid to employees of companies receiving Trouble Asset Relief Plan (TARP) assistance from $1.0 million to $500, 000. This results in a General Fund revenue gain, the amount of which cannot be determined due to a lack of available data on bonuses paid to relevant employees in this amount.

Striking section 4 eliminates the salary and fringe benefit costs to the Department of Economic and Community Development (DECD) identified in the bill; eliminating the $20.0 million General Obligation (GO) bond authorization in section 5 removes the associated General Fund debt service cost of $30.5 million over 20 years.

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.