CT SB00443

Commissioner of Revenue Services must submit a comprehensive tax incidence report by December 15, 2023, and biennially thereafter, covering income tax, sales and excise taxes, corporation business tax, and property tax for the ten most recent years with complete data available.

Report must include incidence projections and present tax burden distribution data for individuals by income classes (including top 5% and top 1% of taxpayers), homeownership status, marital status, senior status, and child status, plus average home values and rental costs by income class.

Report must present business tax burden data by business size (gross receipts), legal organization, and industry classification (NAICS code).

Committee cochairpersons may request the Commissioner of Revenue Services to prepare incidence impact analyses of any proposed tax changes projected to increase, decrease, or redistribute tax revenue by more than $20 million.

Incidence impact analyses must include system-wide measures by income class, effects on representative taxpayers, projected distribution effects if enacted, and a statement of incidence assumptions used in the analysis.