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

State Impact:

Agency Affected

Fund-Effect

FY 14 $

FY 15 $

Department of Revenue Services

GF - Revenue Loss

8 million

8 million

Municipal Impact: None

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.