OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT CONCERNING THE STATE BUDGET FOR THE BIENNIUM ENDING JUNE 30, 2017, AND MAKING APPROPRIATIONS THEREFOR, AND OTHER PROVISIONS RELATED TO REVENUE, DEFICIENCY APPROPRIATIONS AND TAX FAIRNESS AND ECONOMIC DEVELOPMENT.
LCO No.: 9331
OFA Fiscal Note
The amendment increases the appropriation to the Honor Guards by $119,533.
The amendment precludes revenue gains to the General Fund of (1) $52.0 million in FY 16 and $100.0 million in FY 17 by maintaining the property tax credit as in current law (2) $1.0 million in FY 16 and FY 17 by maintaining the sales tax holiday at $300 and (3) $136.8 million in FY 16 and $142.6 million by maintaining the exemption for clothing and footwear under $50.
Section 501 of the amendment states that the Governor shall negotiate with the State Employees' Bargaining Agent Coalition to develop a plan to identify and collect $253 million in savings and credit the savings to the resources of the General Fund.
Section 502 of the amendment uses savings attributable in section 501 to fund the increase in military exemption for pensions in the bill.
Section 503 results in a $46 million revenue loss to the state as it requires the Department of Social Services to provide refunds on the net patient revenue hospital tax totaling $46 million in each of FY 16 and FY 17.
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.