OFFICE OF FISCAL ANALYSIS
Legislative Office Building, Room 5200
Hartford, CT 06106 (860) 240-0200
http://www.cga.ct.gov/ofa
sSB-575
AN ACT EXPANDING A BIOSCIENCE ENTERPRISE CORRIDOR
ZONE LOCATED IN THE TOWN OF PLAINVILLE.
Primary Analyst: LG 4/1/25
Contributing Analyst(s):
Reviewer: RW
OFA Fiscal Note
State Impact:
Agency Affected Fund-Effect FY 26 $ FY 27 $
Policy & Mgmt., Off. GF - Potential
Cost
None See Below
Note: GF=General Fund
Municipal Impact:
Municipalities Effect FY 26 $ FY 27 $
Plainville Potential
Revenue
Gain
None See Below
Plainville Grand List
Reduction
None See Below
Explanation
The bill expands an existing bioscience enterprise corridor zone in
Plainville. This may result in a grand list reduction to Plainville
beginning in FY 27 associated with additional property tax exemptions
for which this zone will become eligible.
1
Any revenue loss to Plainville resulting from these exemptions may
be partially offset by the Distressed Municipalities grant program,
which reimburses municipalities for 50% of the tax loss resulting from
these exemptions, for a five-year period.
1
A grand list reduction results in a revenue loss, given a constant mill rate. It is
expected that a municipality will adjust its mill rate to offset any revenue loss. 2025SB-00575-R000480-FN.DOCX Page 2 of 2
The bill may also result in an increased cost to OPM to the extent
additional funds are needed to fully fund the grant program, which will
vary based on the revenue loss claims by Plainville.
2
The Out Years
The annualized ongoing fiscal impact identified above would
continue into the future subject to inflation.
2
While the grant is proportionately reduced when the appropriation or bond
authorization is insufficient for full funding, the grant is currently fully funded.