CT HB05095

Amends Connecticut General Statutes Chapter 229 to dedicate personal income tax revenues from unearned income to specific fiscal purposes.

Requires the Department of Revenue Services to calculate a base amount of personal income tax revenue paid on unearned income for reference purposes.

Effective January 1, 2017, directs any personal income tax collected on unearned income exceeding the calculated base amount to be segregated from the General Fund.

Segregated unearned income tax revenues shall be allocated to increase the Budget Reserve Fund, pay excess debt service beyond current obligations, or fund pension payments exceeding annual required contributions.

Beginning in 2018, the segregation amount each year is based on personal income tax paid on unearned income that exceeds the previous year's collection amount.