General Assembly Proposed Bill No. 5911
January Session, 2017 LCO No. 2554
*02554*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. ALBIS, 99th Dist.
General Assembly
Proposed Bill No. 5911
January Session, 2017
LCO No. 2554
*02554*
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
REP. ALBIS, 99th Dist.
AN ACT REQUIRING AN ANALYSIS OF BUSINESS TAX CREDITS AND GRANT PROGRAMS FOR BUSINESSES AND ESTABLISHING A LEGISLATIVE TAX EXPENDITURE SUBCOMMITTEE.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That (1) title 12 of the general statutes be amended to require the legislative Office of Fiscal Analysis to analyze all business tax credits and grant programs for businesses and report biennially to the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding (A) the estimated state and municipal fiscal impact, (B) the estimated number of taxpayers benefiting from each tax credit and grant program, and (C) the estimated number of jobs created by each tax credit and grant program, and (2) the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding be required to establish a tax expenditure subcommittee to review and analyze the effectiveness of each tax expenditure and tax credit.
Statement of Purpose:
To ensure that taxpayers are getting an acceptable rate of return on tax credits and tax expenditures by requiring the legislative Office of Fiscal Analysis to analyze business tax credits and grants programs for businesses and by establishing a legislative tax expenditure subcommittee to review and analyze the effectiveness of each tax expenditure and tax credit.