Connecticut House Bill HB05132

Connecticut 2010 Regular Session

• Introduced: 2/10/10
• Refer: 2/10/10

Caption

An Act Concerning A Blue Ribbon Commission To Review State Tax Expenditures.

Impact

If passed, this legislation would amend existing statutes governing state fiscal policies, introducing a structured approach to assessing tax expenditures. With the establishment of the Blue Ribbon Commission, the state would be better positioned to identify inefficiencies within the current tax code, and potentially lead to substantial reforms aimed at optimizing tax-related financial practices in Connecticut. The intent is to elevate the efficiency of tax structures, thereby fostering a healthier economic environment.

Summary

House Bill 05132 proposes the establishment of a Blue Ribbon Commission dedicated to evaluating state tax expenditures. The overarching goal of the bill is to enhance economic efficiency within the state's tax code and eliminate wasteful tax loopholes. By conducting a thorough review of tax expenditures, the commission aims to provide systematic oversight of state tax breaks, which can lead to more accountable fiscal management.

Contention

While the bill has the potential to drive positive changes in how the state's tax code operates, it may also face contention from various stakeholders. Opponents might argue that increased oversight could lead to diminished tax incentives for businesses and individuals that rely on these breaks for economic sustenance. Balancing the elimination of wasteful expenditures with the protection of essential tax benefits will be a crucial point of discussion as the bill progresses through the legislative process.