PA 15-169—HB 6852

Planning and Development Committee

Finance, Revenue and Bonding Committee

AN ACT CONCERNING THE MUNICIPAL REIMBURSEMENT AND REVENUE ACCOUNT

SUMMARY: This act eliminates prior law's timeframes for expenditures made by the Office of Policy and Management (OPM) from the municipal reimbursement and revenue account for:

1. the statewide high-speed network (Nutmeg Network),

2. a tax incidence study (i. e. , an analysis of taxes' impact on various taxpayer groups), and

3. the universal chart of accounts for municipalities (a tool used to standardize accounting practices).

It also specifies that funds for the universal chart of accounts may be used to reimburse expenses incurred on or after July 1, 2013.

PA 13-247, 328, established the municipal reimbursement and revenue account and required OPM to use its funds for the purposes stated above. It allocated:

1. $1,087,000 for the Nutmeg Network in both FYs 14 and 15,

2. $500,000 in FY 14 and $200,000 in FY 15 for a tax incidence study, and

3. $450,000 in FY 14 for the universal chart of accounts.

EFFECTIVE DATE: July 1, 2015

OLR Tracking: JB: sd: vr: cg