CT SB00127

Requires deposit initiators to maintain special interest-bearing accounts at Connecticut financial institutions and deposit refund values for beverage containers sold, with deposits due within one month of sale.

Establishes cash receipts and disbursements accounting method for reimbursing refund values for redeemed beverage containers, with deposit initiators able to petition the Commissioner of Revenue Services for alternate accounting methods.

Requires deposit initiators to submit quarterly reports to the Commissioner of Revenue Services detailing account balances, deposits, withdrawals, and service charges, with reports due by the last day of the month following each quarter.

Mandates deposit initiators pay outstanding account balances attributable to each quarter to the Commissioner of Revenue Services for deposit in the General Fund, with 10% penalty and 1% monthly interest applied if payments are late.

Transfers authority over beverage container accounting systems from the Commissioner of Environmental Protection to the Commissioner of Revenue Services, effective July 1, 2010.