CT HB05467

Imposes a quarterly 50% tax on "windfall profits" earned by companies owning electric generating plants in the state, defined as earnings exceeding a 20% return on equity.

Applies to all revenue derived from electricity generation and sales by the plant owner and any affiliates or subsidiaries, regardless of location, with revenue attributed back to the in-state generating plant.

Requires companies to file quarterly tax returns by January 31, April 30, July 31, and October 31 each year with the Commissioner of Revenue Services, specifying revenue, expenses, and tax calculations.

Establishes a nonlapsing "electricity ratepayers relief account" in the General Fund to receive tax proceeds, with funds to be disbursed by the Department of Public Utility Control to directly reduce electricity ratepayers' electric bills.

Effective upon passage for the relief account; windfall profits tax applies to profits generated on or after January 1, 2010.