OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sHB-6440
AN ACT ESTABLISHING THE JOBSCT TAX REBATE PROGRAM.
Primary Analyst: MM 3/31/21
Contributing Analyst(s): CW, EW
Reviewer: CW
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 22 $ FY 23 $
Department of Revenue Services GF - Cost None None
Department of Revenue Services GF - Revenue
Loss
None None
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill establishes a tax rebate program for certain industries to be
administered by the Department of Economic and Community
Development. Participants in the new program may earn rebates
against the insurance premiums, corporation business, and pass-
through entity taxes for reaching certain job creation targets. The bill
sets a $40 million aggregate, annual cap on the program.
The bill results in a one-time cost of less than $100,000 in FY 24 to
the Department of Revenue Services associated with updates to the
online Taxpayer Service Center to allow pass-through entities to claim
the rebate on their tax forms (there are currently no credits or rebates
allowed against the pass-through entity tax).
It is anticipated the Department of Economic and Community
Development would not require additional resources to administer the
program.
The Out Years 2021HB-06440-R000236-FN.DOCX Page 2 of 2
State Impact:
Agency Affected Fund-Effect FY 24 $ FY 25 $ FY 26 $
Department of
Revenue Services
(DRS16000)
GF - Cost 100,000 None None
Department of
Revenue Services
(DRS16000)
GF - Revenue Loss up to $40
million
up to $40
million
up to $40
million
Note: GF=General Fund
Municipal Impact: None