Bill Text: CT SB00448 | 2014 | General Assembly | Introduced

Connecticut Senate Bill 448 (Prior Session Legislation)

Introduced

Bill Title: An Act Concerning Results-based Accountability For Certain Tax Credits.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2014-03-13 - Public Hearing 03/17 [SB00448 Detail]

Download: Connecticut-2014-SB00448-Introduced.html


General Assembly		*Raised Bill No. 448*
*February Session, 2014*		LCO No. 2399
		02399_______FIN
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)

AN ACT CONCERNING RESULTS-BASED ACCOUNTABILITY FOR CERTAIN TAX CREDITS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. (NEW) (Effective July 1, 2014) (a) Each state agency that administers a tax credit offered under any provision of the general statutes, other than under section 12-704c or 12-704d of the general statutes, by taking applications for a tax credit and awarding a voucher for such tax credit, reserving such tax credit, issuing a certification letter for such tax credit or taking any action that allows an entity to claim such tax credit, shall implement a results-based analysis of such tax credit.

(b) Not later than January 1, 2015, for each tax credit administered by a state agency, the state agency shall develop a baseline graph for measuring such tax credit's impact. The state agency shall:

(1) Identify the group the tax credit is intended to serve;

(2) Describe the condition the group is experiencing that the credit is intended to address;

(3) Identify a statistical indicator or measure that will demonstrate whether the condition changes over time; and

(4) (A) For new tax credits, prepare a graph showing how the indicator has changed in the past and projecting how it is expected to change in the next five years, and (B) for existing tax credits, prepare a graph showing how the indicator has changed in the past and projecting how it is expected to change in the next five years without the tax credit.

(c) Each baseline graph developed pursuant to subsection (b) of this section shall be submitted not later than January 1, 2015, to the joint standing committee of the General Assembly having cognizance of matters relating to finance.

(d) Each state agency administering a tax credit shall continue to update the baseline graph by showing actual changes in the statistical indicator during each twelve-month period. Not later than January 1, 2016, and annually thereafter, each such state agency shall submit to the joint standing committee of the General Assembly having cognizance of matters relating to finance, revenue and bonding, in accordance with the provisions of section 11-4a of the general statutes, an updated graph for each tax credit, an explanation of how the indicator changed during the period when the tax credit was in effect, a comparison to the original change projected in the most recently submitted graph and an explanation of how the tax credit affected the group or condition it was intended to address.


This act shall take effect as follows and shall amend the following sections:
Section 1	July 1, 2014	New section

Statement of Purpose:

To institute a results-based analysis of tax credits.

[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]