General Assembly Proposed Bill No. 6962
January Session, 2017 LCO No. 3070
*03070*
Referred to Committee on COMMERCE
Introduced by:
REP. MUSHINSKY, 85th Dist.
General Assembly
Proposed Bill No. 6962
January Session, 2017
LCO No. 3070
*03070*
Referred to Committee on COMMERCE
Introduced by:
REP. MUSHINSKY, 85th Dist.
AN ACT CONCERNING ACCOUNTABILITY AND TRANSPARENCY OF ECONOMIC DEVELOPMENT TAX CREDITS.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
That section 32-1r of the general statutes be amended to require the Auditors of Public Accounts, in consultation with the Department of Revenue Services, the Department of Economic and Community Development and the Office of the Comptroller, to perform an evaluation every three years of each tax credit or abatement program enacted for the purpose of recruitment or retention of businesses, including (1) a description of the tax credit or abatement program, its beneficiaries and its intended statutory and programmatic goals; (2) an analysis of the fiscal impact of the tax credit or abatement program and whether the cost thereof is likely to increase or decrease in future years; (3) an analysis of the economic impact of the tax credit or abatement program and whether the statutory and programmatic goals are being met, with obstacles to such goals identified, if possible; (4) an analysis of whether the tax credit or abatement program is being administered efficiently and effectively and the ease or difficulty for taxpayers to comply with the requirements of such tax credit or abatement program; (5) a recommendation as to whether the tax credit or abatement program should be continued, modified or repealed, and the basis for such recommendation; and (6) any recommendations for improving the administrative efficiency or effectiveness of a tax credit or abatement program.
Statement of Purpose:
To ensure tax credits produce measurable economic development and employment gains in Connecticut.