OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-105

AN ACT CONCERNING THE RENTAL REBATE APPLICATION PERIOD.

OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 13 $

FY 14 $

Policy & Mgmt. , Off.

GF - Cost

Potential

Potential

Note: GF=General Fund

Municipal Impact: None

Explanation

Extending the application period for the Elderly and Totally Disabled Rental Rebate program may result in additional costs to the Office of Policy and Management (OPM). The longer application period may result in additional applications to the program. The magnitude of these potential costs is unknown. If for example, this bill results in a 1% increase in applications, OPM may incur additional FY 13 costs of approximately $235,000. In FY 12, 45,694 individuals received payments totaling $23,365,948.

The Out Years

The annualized ongoing fiscal impact identified above would continue into the future subject to inflation and the number of additional people that apply for the program.

Sources:

Office of Policy and Management Report of Adjusted Payments Regarding Connecticut Programs of Tax Relief for Elderly Homeowners and Grants to Elderly Renters for the 2011-2012 Fiscal Year