OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 ↓ (860) 240-0200
AN ACT ESTABLISHING THE 7/7 PROGRAM TO ENCOURAGE THE REDEVELOPMENT OF BROWNFIELDS AND UNDERUTILIZED PROPERTY.
LCO No.: 8089
File Copy No.: 737
Senate Calendar No.: 421
OFA Fiscal Note
The amendment may preclude (1) a potential state revenue loss and (2) a freezing of the municipal tax assessment of a participating property by limiting the availability of the “7/7 program” benefits outlined in the underlying bill. The amendment does so by only allowing benefits when the most recent November consensus as required by CGS 2-36c forecasts a surplus for the current biennium.
As the consensus reports only address revenue forecasts, and not expenditure estimates, it is unclear how a surplus or deficit will be determined under the amendment. However, CGS 2-36b requires the November consensus report to be included in the annual Fiscal Accountability report along with expenditure estimates.
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.