CT HB05545

Establishes a panel of experts convened by chairs and ranking members of the joint finance, revenue and bonding committee to conduct a comprehensive study of Connecticut's tax structure effective July 1, 2014.

Panel members must be appointed within 30 days and shall consult with the Office of Policy and Management, Department of Revenue Services, and other financial experts to develop revenue-neutral policy options for modernizing the tax system.

Panel shall examine corporation business tax, sales and use taxes, personal income tax, local property tax, estate and gift tax, and excise taxes, evaluating each for economic growth encouragement, efficiency, stability, simplicity, and fairness.

For calendar year 2014, panel shall develop study outline, goals list, and tentative schedule while meeting with business associations, labor groups, and other stakeholders; for 2015, panel shall conduct detailed analyses through subcommittees.

Panel must submit final report with study results and recommendations to the joint finance, revenue and bonding committee by February 1, 2016.