OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

HB-6675

AN ACT CONCERNING A MUNICIPAL OPTION FOR PROPERTY TAX ABATEMENTS FOR ARTS AND CULTURE.


OFA Fiscal Note

State Impact: None

Municipal Impact:

Municipalities

Effect

FY 18 $

FY 19 $

Various Municipalities

Revenue Loss

See Below

See Below

Explanation

There is a potential revenue loss to various municipalities resulting from the bill, which allows towns to abate up to one hundred percent of property tax owed for buildings used for the purposes of arts and culture. To the extent that a town chooses to provide such abatement, there is a shift in tax burden to other properties due to an increased mill rate needed to offset the revenue loss from the abatement.

The Out Years

The annualized ongoing fiscal impact identified above would continue into the future subject to municipal grand lists and mill rates.