OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-1160

AN ACT CONCERNING GUN VIOLENCE PREVENTION AND CHILDREN'S SAFETY.

AMENDMENT

LCO No.: 5475


OFA Fiscal Note

State Impact:

Agency Affected

Fund-Effect

FY 14 $

FY 15 $

Revenue Serv., Dept.

GF - Revenue Loss

Significant

Significant

Municipal Impact: None

Explanation

The amendment establishes a non-refundable Personal Income Tax credit for the purchase of certain firearm storage containers. This results in a significant annual revenue loss. The actual revenue loss is dependent on the purchase amount and timing of purchase of eligible containers.

There are currently approximately 179,000 Connecticut residents holding a pistol permit, and an unknown number of additional residents owning long guns. Based on gun safe manufacturers' data, it is anticipated that at least 1,500 firearm storage containers would be sold annually in Connecticut.

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.