OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT MANDATING EMPLOYERS PROVIDE PAID SICK LEAVE TO EMPLOYEES.
LCO No.: 6928
File Copy No.: 76
Senate Calendar No.: 97
OFA Fiscal Note
The amendment eliminates the Business Entity Tax retroactive to January 1, 2011, which results in a revenue loss of approximately $40.5 million annually. However, the revenue loss in FY 11 and FY 12 would be offset as the amendment requires the Comptroller to transfer unappropriated General Fund surplus funds equal to the revenue generated by the Business Entity Tax to the resources of the General Fund.
OFA projects a $458 million General Fund surplus for FY 11, and a $369 General Fund surplus in FY 12.1
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.
1 OFA projections as of April 29, 2011.