OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
HB-5504
AN ACT CONCERNING THE REMOVAL OF AN ENTERPRISE
ZONE DESIGNATION.
Primary Analyst: DD 4/18/22
Contributing Analyst(s):
OFA Fiscal Note
State Impact: See Below
Municipal Impact: See Below
Explanation
The bill prohibits, in certain circumstances, the Department of
Economic and Community Development from removing a
municipality's Enterprise Zone designation.
Municipalities with enterprise zone designations are eligible for
Distressed Municipalities grant funding. As such, the bill precludes 1)
any reduction in the cost to fully fund the grant that would occur if a
municipality was no longer eligible; and 2) any corresponding revenue
loss such municipality would incur as a result.
The Out Years
State Impact: See Above
Municipal Impact: See Above