OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sSB-351
AN ACT INCREASING FUNDING FOR THE COMMUNITY
INVESTMENT ACCOUNT.
Primary Analyst: RW 4/1/24
Contributing Analyst(s): LG
Reviewer: LG
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 25 $ FY 26 $
Resources of the General Fund GF - Revenue
Gain
$2 to $3
million
$2 to $3
million
Note: GF=General Fund
Municipal Impact:
Municipalities Effect FY 25 $ FY 26 $
All Municipalities Revenue
Gain
Potential Potential
Explanation
The bill, which increases the land recording fee by $5, is anticipated
to result in a revenue gain of $2 million to $3 million per year, beginning
in FY 25, to the Community Investment Account (CIA) within the
General Fund. The actual revenue generated will be dependent of the
number of land record filings each year.
The increase in revenue to the CIA will be distributed equally among:
(1) the Department of Economic and Community Development for
historic preservation activities, (2) the Department of Housing for
affordable housing programs, (3) the Department of Energy and
Environmental Protection for municipal open space grants, and (4) the
Department of Agriculture for farmland preservation programs.
The bill may also result in a revenue gain to municipalities from 2024SB-00351-R000222-FN.DOCX Page 2 of 2
grants provided by the Department of Energy and Environmental
Protection to purchase open space.
The Out Years
The annualized ongoing fiscal impact identified above would
continue subject to the number of land record filings each year.