OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sSB-1131

AN ACT CONCERNING CHANGES TO THE CONNECTICUT HISTORIC HOME TAX CREDIT.


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 14 $

FY 15 $

Revenue Serv., Dept.

GF - Potential Revenue Loss

None

None

Municipal Impact: None

Explanation

The bill expands the Historic Homes Rehabilitation tax credit, which results in a revenue loss of up to $2.0 million annually beginning in FY 16.

Although the bill does not make changes to the $3.0 million aggregate annual credit cap for the program, fewer than $1.0 million in total credits have been utilized historically. To the extent the expansion under the bill results in greater utilization of the credit, there is a potential $2.0 million annual revenue loss.

The Out Years

State Impact:

Agency Affected

Fund-Effect

FY 16 $

FY 17 $

FY 18 $

Revenue Serv., Dept.

GF - Potential Revenue Loss

Up to 2.0 million

Up to 2.0 million

Up to 2.0 million

Municipal Impact: None

Sources:

Department of Revenue Services Fiscal Year 2011-2012 Annual Report