OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-430

AN ACT CONCERNING CERTAIN CIGARETTE TAX VIOLATIONS.

AMENDMENT

LCO No.: 5707

File Copy No.: 542

House Calendar No.: 422

Senate Calendar No.: 389

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 11 $

FY 12 $

Department of Revenue Services

GF - Revenue Loss

19 million

19 million

Note: GF=General Fund

Municipal Impact:

Municipalities

Effect

FY 11 $

FY 12 $

All Municipalities

Revenue Loss

See Below

See Below

Explanation

The amendment also exempts foreclosures and short sales from the real estate conveyance tax. This will result in an annual revenue loss to the General Fund of approximately $19.0 million and a revenue loss to municipalities of approximately $7.5 million.

The amendment extends to July 1, 2011 the expiration date of the basic 0.25% municipal real estate conveyance tax rate, with certain exemptions. This precludes a revenue loss to municipalities of approximately $20.0 million to $25.0 million in FY 11.

Sources:

Department of Revenue Services

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.