Connecticut House Bill HB05467

Connecticut 2014 Regular Session

• Introduced: 3/3/14
• Refer: 3/3/14
• Report Pass: 3/25/14
• Refer: 4/3/14
• Report Pass: 4/9/14
• Engrossed: 4/25/14
• Report Pass: 4/28/14
• Chaptered: 5/14/14
• Enrolled: 5/19/14
• Passed: 6/3/14

Caption

An Act Concerning Procedures For Debt Certifications And The Tax Expenditure Report.

Impact

In terms of legislative impact, HB 5467 seeks to enhance the transparency of state financial procedures and ensure legislative oversight. By mandating that tax expenditure reports are submitted biennially to the relevant committee, the bill aims to provide a clear account of tax exemptions and their fiscal implications. The reporting requirements are designed to facilitate greater scrutiny of how tax expenditures affect state and municipal revenues, potentially leading to more informed policy decisions regarding taxation and public finance.

Summary

House Bill 5467, titled 'An Act Concerning Procedures For Debt Certifications And The Tax Expenditure Report', focuses on the processes surrounding the issuance of public debt and the preparation of tax expenditure reports. The bill fundamentally modifies existing statutes concerning the issuance of bonds, notes, or other debt instruments by requiring that any such proposals must be certified by the Treasurer to ensure that they do not exceed the state's debt limit. This measure is intended to promote fiscal responsibility and prevent excess state indebtedness.

Sentiment

The sentiment around the bill appears largely supportive among fiscal conservatives and proponents of enhanced government accountability, who view it as a positive step towards fiscal prudence. However, there may be some concern from stakeholders who could be affected by the stricter regulations on debt issuance, particularly local governments that may rely on bond funding for essential services and development projects. Overall, the bill is seen as a regulatory measure aimed at maintaining financial stability.

Contention

Notably, discussions around the bill may touch upon the balance between necessary oversight and the potential for restricting local fiscal autonomy. Some opponents may argue that the constraints imposed by the bill on debt issuance could hamper local governments' ability to respond to financial needs swiftly. Moreover, debate may arise regarding the implications of tax expenditures on economic growth, as these reports could lead to recommendations for repealing beneficial tax credits that stimulate economic activity. Thus, the bill embodies a contentious effort to manage state finances while considering local needs.