OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

SB-623

AN ACT ESTABLISHING THE 7/7 PROGRAM TO ENCOURAGE THE REDEVELOPMENT OF BROWNFIELDS AND UNDERUTILIZED PROPERTY.

AMENDMENT

LCO No.: 8121

File Copy No.: 737

Senate Calendar No.: 421


OFA Fiscal Note

SEE BELOW

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 Fiscal Accountability Reports as required by CGS 2-36b forecast a surplus for the current biennium by both the Office of Policy and Management and the Office of Fiscal Analysis.

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.