OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
http://www.cga.ct.gov/ofa
sSB-842
AN ACT AUTHORIZING AND ADJUSTING BONDS OF THE STATE FOR CAPITAL IMPROVEMENTS, TRANSPORTATION, ELIMINATION OF THE ACCUMULATED GAAP DEFICIT, RESTRUCTURING OF ECONOMIC RECOVERY NOTES AND OTHER PURPOSES.
AMENDMENT
LCO No.: 8558
File Copy No.: 677
Senate Calendar No.: 491
OFA Fiscal Note
Agency Affected |
Fund-Effect |
FY 14 $ |
FY 15 $ |
Department of Revenue Services |
GF - Revenue Loss |
8 million |
8 million |
Explanation
The amendment establishes an exemption from the Petroleum Products Gross Earnings Tax (PGET) for manufacturing asphalt effective July 1, 2013. This results in a General Fund revenue loss of approximately $8 million annually beginning in FY 14.
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.