OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
SB-403
AN ACT REESTABLISHING FUNDING FOR THE HOMEOWNERS'
ELDERLY AND DISABLED CIRCUIT BREAKER TAX RELIEF
PROGRAM.
Primary Analyst: DD 4/20/22
Contributing Analyst(s):
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 23 $ FY 24 $
Policy & Mgmt., Off. GF - Cost Approx.
$20 million
Approx.
$20 million
Note: GF=General Fund
Municipal Impact:
Municipalities Effect FY 23 $ FY 24 $
Various Municipalities Revenue
Gain
Approx. $20
million
Approx. $20
million
Explanation
The bill prevents payments to municipalities for the revenue loss
resulting from the Elderly Circuit Breaker program from being
proportionately reduced in years that the appropriation is insufficient
to fully fund the grant. This results in a cost to the General Fund and a
corresponding revenue gain to municipalities of approximately $19.2
million annually. The total revenue loss to municipalities in FY 22 as a
result of this program was $19.2 million.
The Revised FY 23 budget, as JF'ed by the Appropriations Committee
on 4/7/22, does not appropriate any funding for this program.
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future subject to inflation.