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.: 9485
OFA Fiscal Note
The amendment repeals the Business Entity Tax and eliminates the provisions of the bill implementing mandatory combined reporting. This results in a revenue loss of approximately $40 million in FY 17 and every year thereafter, and precludes a revenue gain of $38.6 million in FY 16 and $23.7 million in FY 17.
The amendment increases the Overtime Savings lapse from $10.5 million to $40 million in FY 16 and from $10.5 million to $60 million in FY 17. This results in a savings of $29.5 million in FY 16 and $49.5 million in 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.