OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
HB-6394
AN ACT CONCERNING INTEREST ON LOTTERY SALES AGENT
DELINQUENCY ASSESSMENTS.
Primary Analyst: ME 3/17/21
Contributing Analyst(s):
Reviewer: PR
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 22 $ FY 23 $
Resources of the General Fund GF - Potential
Revenue Loss
See Below See Below
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill requires interest charged on lottery sales agent's
delinquency assessments to be calculated using simple interest rather
than compound interest resulting in a potential revenue loss to the
state to the extent delinquencies occur and accrue interest. In FY 20,
512 retailers were delinquent (7 remain delinquent) and $87,000 in
interest was collected.
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future subject to the number of delinquencies.