CT SB01176

Imposes a new quarterly tax effective July 1, 2011, on electricity generators uploading power to the regional bulk power grid: one-half mill per kWh for oil-fueled generation, two cents per kWh for nuclear generation, and one-half cent per kWh for coal-fired generation (coal tax limited to January, February, June, July, and August only).

Exempts electricity generated exclusively from fuel cells, natural gas, or alternative energy systems from the new generation tax.

Directs tax revenues first to fund up to $956 million in economic recovery revenue bonds (covering issuance, servicing, and retirement costs), then to provide ratepayer relief after bonds are defeased or paid in full, and finally to fund clean and renewable energy projects.

Amends existing economic recovery revenue bond provisions so that bond repayment draws first from the new generation tax revenues before relying on competitive transition assessment charges collected from ratepayers, reducing the direct burden on electric customers.

Requires surplus competitive transition assessment funds to be used to benefit customers (changing "may" to "shall") and mandates quarterly electronic tax filing and payment by electronic funds transfer, with a penalty of 10% or $50 (whichever is greater) plus 1% monthly interest for late payments.