OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sSB-1092
AN ACT CONCERNING THE ACQUISITION AND CONVEYANCE
OF CERTAIN PROPERTIES BY CONNECTICUT BROWNFIELD
LAND BANKS.
As Amended by Senate "A" (LCO 7024)
Senate Calendar No.: 192
Primary Analyst: EW 5/4/23
Contributing Analyst(s):
Reviewer: CW
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 24 $ FY 25 $
Department of Revenue Services Various -
Potential
Revenue Loss
See below See below
Note: Various=Various
Municipal Impact:
Municipalities Effect FY 24 $ FY 25 $
Various Municipalities Potential
Revenue
Loss
See below See below
Explanation
The bill results in a potential revenue loss to the state and certain
municipalities by extending the types of properties that Connecticut
brownfield land banks (CBLBs) can acquire, retain, remediate, and sell
to brownfields under land banking agreements with regional councils
of governments.
C.G.S. 32-774 exempts CBLBs from paying state and local taxes and
assessments on (1) the revenue or property they receive, acquire,
transfer, or use and (2) any income derived from these sources. This
exemption would extend to additional properties acquired under the
bill and therefore potentially result in revenue loss to the state and 2023SB-01092-R01-FN.DOCX Page 2 of 2
certain municipalities.
Any revenue loss would vary based on the number of properties
acquired by land banks under the bill, their value, and any related
income generated.
Senate “A” removes the requirement that brownfields under land
banking agreements between CBLBs and regional councils of
government should enhance rivers’ aquatic life and environmental
quality.
To the extent that additional brownfields may be purchased by
CBLBs under this provision, there would be an increase to the potential
revenue loss to state and municipalities, as current law exempts CBLBs
from paying state and local taxes and assessments on brownfields.
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future subject to inflation.
The preceding Fiscal Impact statement is prepared for the benefit of the members of the General Assembly, solely
for the purposes of information, summarization and explanation and does not represent the intent of the General
Assembly or either chamber thereof for any purpose. In general, fiscal impacts are based upon a variety of
informational sources, including the analyst’s professional knowledge. Whenever applicable, agency data is
consulted as part of the analysis, however final products do not necessarily reflect an assessment from any
specific department.