Connecticut Senate Bill SB00448

Connecticut 2014 Regular Session

• Introduced: 3/11/14
• Refer: 3/11/14

Caption

An Act Concerning Results-based Accountability For Certain Tax Credits.

Impact

The bill's implementation is expected to enhance the financial decision-making process regarding tax credits within the state. By establishing a framework for evaluating the impact of these credits, agencies will be compelled to use data-driven methodologies to assess their effectiveness. Over time, this could lead to improvements in how tax credits are structured and allocated and ensure they meet the intended goals of improving economic conditions for specific groups. Additionally, the structured approach could aid lawmakers in making informed decisions about future tax policies based on tangible outcomes rather than theoretical benefits.

Summary

SB00448 aims to implement a structured results-based accountability framework for tax credits administered by state agencies in Connecticut. This legislation requires state agencies to develop baseline metrics that will evaluate the effectiveness of these tax credits. By mandating that agencies track the impact of each tax credit, the bill seeks to ensure that financial incentives effectively address the needs of intended recipients. Each agency will need to report on the progress and efficacy of the tax credits at regular intervals, thereby fostering transparency and holding agencies accountable for the results of tax incentive programs.

Contention

While the primary intention of SB00448 is to enhance accountability and oversight of tax credits, it could face pushback from those who argue that such rigorous evaluations might complicate the administrative processes of state agencies or result in a reduction in available tax credits if metrics do not demonstrate anticipated results. Critics may express concerns that the focus on quantitative measures could overshadow qualitative aspects of tax credits, such as community impact and economic growth initiatives that are harder to quantify but equally important. Balancing the demands for accountability and the need for flexibility in supporting key initiatives will be pivotal to the bill's acceptance.