OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
HB-5127
AN ACT ESTABLISHING THE JOBSCT TAX REBATE PROGRAM.
Primary Analyst: CW 4/25/22
Contributing Analyst(s): EW
Reviewer: MM
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 23 $ FY 24 $
Revenue Serv., Dept. GF - Revenue
Loss
None None
Revenue Serv., Dept. GF - Cost None None
Note: GF=General Fund
Municipal Impact: None
Explanation
The bill, which establishes the JobsCT tax rebate program against the
insurance premiums, corporation business, and pass-through entity
taxes, results in: 1) a General Fund revenue loss of up to $40 million in
FY 25 and annually thereafter, and 2) a one-time cost of less than
$100,000 in FY 25 to the Department of Revenue Services associated with
updates to the online Taxpayer Service Center to allow passthrough
entities to claim the credit on their tax forms.
It is anticipated the Department of Economic and Community
Development (DECD) would not require additional resources to
administer the program. DECD currently administers a similar jobs
program that provides grants to eligible employers.
The Out Years
State Impact:
Agency Affected Fund-Effect FY 25 $ FY 26 $ FY 27 $
Revenue Serv.,
Dept.
GF - Revenue
Loss
Up to $40
million
Up to $40
million
Up to $40
million 2022HB-05127-R000597-FN.DOCX Page 2 of 2
Revenue Serv.,
Dept.
GF - Cost Less than
$100,000
None None
Note: GF=General Fund
Municipal Impact: None
Sources: Dept of Economic and Community Development: JobsCT Grant Program