OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT CONCERNING EXPENDITURES AND REVENUE FOR THE BIENNIUM ENDING JUNE 30, 2015.
LCO No.: 8577
House Calendar No.: 678
OFA Fiscal Note
The amendment eliminates the scheduled rate increase, from 7.0% to 8.1%, in the Petroleum Products Gross Earnings Tax (PGET) on July 1, 2013, and establishes a PGET exemption for fuels for certain vehicles. This results in an annual General Fund revenue loss of approximately $60 million and an annual Special Transportation Fund revenue loss of approximately $8.7 million beginning in FY 14.
The amendment also establishes a program for state employees to solicit suggestions regarding state government efficiencies, and increases the statewide unallocated lapse by $90 million. To the extent that greater efficiencies are achieved as a result of the program or other savings obtained to meet the targeted lapse, the revenue loss indicated above would be offset.
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.