OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

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

sHB-5314

AN ACT CONCERNING RECOMMENDATIONS BY THE DEPARTMENT OF TRANSPORTATION.

AMENDMENT

LCO No.: 5265

File Copy No.: 363

House Calendar No.: 237


OFA Fiscal Note

See Fiscal Note Details

The amendment results in a revenue gain to the Special Transportation Fund (STF) and a revenue loss to the General Fund (GF) by accelerating the schedule of sales tax phase in of a revenue diversion to the STF of sales and use tax revenue from motor vehicle sales.

The table below provides a comparison of the transfer estimates under current law, the transfer estimates under the amendment, and the net revenue increase to the STF. There would be an equal decrease in revenue to the GF.

Motor Vehicle Sales Tax Transfer Comparison

 

FY 19

FY 20

FY 21

FY 22

FY 23

Current Law %

-

-

20%

40%

60%

Current Law Transfer Amount

-

-

66.9

145.6

221.6

Amendment %

14.0%

40.0%

70.0%

90.0%

100.0%

Amendment Transfer Amount

50.7

145.6

256.0

330.8

369.4

Net STF Gain (GF Loss)

50.7

145.6

189.1

185.2

147.7

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.