CT SB00432

Commissioner of Economic and Community Development must prepare comprehensive reports on tax credit and abatement programs by January 1, 2011, and every three years thereafter in consultation with the Commissioner of Revenue Services.

Reports must include baseline assessment of tax credit programs, number of aggregate jobs and annual revenue generated, and amount of tax credits and abatements approved during the preceding calendar year.

Reports must evaluate each tax credit program administered by the Department of Economic and Community Development, including statutory goals, number of taxpayers granted credits, value of credits claimed, five-year revenue projections, economic impact analysis, and recommendations to continue, modify, or repeal programs.

Reports must assess the corporation business tax and insurance company taxes under chapter 207, including fairness, performance, administrative costs, compliance costs to taxpayers, and net revenue generated.

Commissioner must submit reports to the Governor, Secretary of the Office of Policy and Management, and relevant joint standing committees of the General Assembly, effective July 1, 2010.