OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sHB-5589

AN ACT CONCERNING CAMPAIGN FINANCE REFORM.

AMENDMENT

LCO No.: 6697

File Copy No.: 577

House Calendar No.: 379


OFA Fiscal Note

SEE BELOW

The amendment restricts any First Five participant from making or soliciting a contribution for political candidates. Assuming no violation is incurred, there is no fiscal impact. 1

In the event that a First Five participant does violate this provision, then the amendment makes the First Five business ineligible for one year after the election associated with the contribution. The amendment also allows the Commissioner of Economic and Community Development to (1) deem the violating business ineligible for financial assistance and (2) require repayment of such financial assistance. Financial assistance under the First Five program generally consists of loans and grants supported by General Obligation bonds and Urban and Industrial Sites Reinvestment tax credits.

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.

1 The First Five program combines financial assistance and tax incentives under existing programs for projects that create jobs and make capital investments within the law's timeframes. Per PA 16-3 MSS, up to twenty companies may enter into the program by June 30, 2019. As of 5/8/17, there are fifteen companies participating in the program.