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CT SB01502
Bill
AI Summary
- Establishes Connecticut's General Fund net appropriations of approximately $18.74 billion for FY2018 and $18.91 billion for FY2019, with major spending on education ($2.93B/$2.97B), social services ($4.42B/$4.45B), and debt service ($2.31B/$2.21B), offset by targeted savings, hiring reductions, and $700M/$867.6M in required labor concessions
- Authorizes over $3.8 billion in new state bond issuances across general obligation, special tax obligation (transportation), and grant-in-aid categories for capital projects including school construction, housing, infrastructure, higher education facilities, economic development, and transportation improvements
- Restructures municipal aid through a new education equalization grant formula phased in over 10 years, establishes a Municipal Accountability Review Board with oversight powers over fiscally distressed municipalities (tiered I-IV system), and creates a Municipal Restructuring Fund for designated municipalities
- Enacts a new hospital net revenue tax replacing the prior provider tax structure, increases cigarette and tobacco taxes, raises the estate/gift tax exemption threshold incrementally toward the federal level by 2020, reduces insurance premium tax rates, and establishes a "Passport to the Parks" vehicle registration fee to fund state parks while eliminating parking fees for Connecticut-registered vehicles
- Implements fiscal guardrails including a volatility cap transferring excess income tax revenue to the Budget Reserve Fund (capped at 15% of appropriations), a spending cap tying appropriation growth to personal income or inflation, annual caps on bond authorizations and issuances, and authorizes a new credit revenue bond structure backed by withholding tax revenues
Legislative Description
An Act Concerning The State Budget For The Biennium Ending June 30, 2019, Making Appropriations Therefor, Authorizing And Adjusting Bonds Of The State And Implementing Provisions Of The Budget.
Last Action
Senate Reconsidered, Veto Sustained
11/14/2017
Full Bill Text
No bill text available