OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT CREATING THE CONNECTICUT RETIREMENT SECURITY PROGRAM.
LCO No.: 5725
File Copy No.: 747
House Calendar No.: 227
Senate Calendar No.: 522
OFA Fiscal Note
State Impact: See Below, Decrease Potential Revenue Impact no earlier than FY 22
Municipal Impact: None
The amendment may decrease the potential revenue impact of the underlying bill, no earlier than FY 22 as the amendment may decrease the number of plan participants.
Contributions to Roth IRAs are not deductible for income tax purposes at the time the contribution is made, but earnings and qualified withdrawals are not taxed. Generally, earnings withdrawn within five years of the contributions are subject to penalty and taxation.
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.