OFFICE OF FISCAL ANALYSIS

Legislative Office Building, Room 5200

Hartford, CT 06106 (860) 240-0200

http: //www. cga. ct. gov/ofa

October 26, 2011

ADDENDUM

To Fiscal Note on

HB-6801

EMERGENCY CERTIFICATION

AN ACT PROMOTING ECONOMIC GROWTH AND JOB CREATION IN THE STATE.

It should be noted that Section 48, which reduces the cap on the Urban and Industrial Site Reinvestment Tax Credit from $750. 0 million to $650. 0 million, reduces the state's exposure for a revenue loss due to this tax credit by $100. 0 million (the fiscal note lists the exposure reduction per year over the ten-year structure of the program).

In addition, the fiscal note lists the total bond authorizations contained in the bill. The table below shows the total bond authorizations and the amount of additional bonds authorized during the current biennium ($281. 0 million in FY 12 and $345. 0 million in FY 13).

It should be noted that any debt service costs would be contingent on the amount of authorizations that are ultimately allocated through the bond commission. Authorizations alone do not increase debt service costs.

Section #s

Topic

Bond Fund Source

Auth. In FY 12

Auth. In FY 13

1-3

Small business express

GO

50,000,000

50,000,000

4-5

STEP

GO

10,000,000

10,000,000

12-16

Farmland restoration

GO

5,000,000

 

24-27

Brownfields

GO

20,000,000

 

28

DECD electronic business portal

GO

1,000,000

 

30-36

Workforce development

GO

10,000,000

10,000,000

38, 47-48

Manufacturers Asst Act and Urban Reinvestment Act

GO

100,000,000

240,000,000

49-51

Boiler replacement

GO

5,000,000

5,000,000

52

CII recapitalization

GO

25,000,000

25,000,000

78-79

Main Street

GO

5,000,000

5,000,000

 

Total GO

 

231,000,000

345,000,000

 

 

 

 

 

46

Fix It First bridges program

STO

 

 

 

Total STO

 

50,000,000

-

 

 

 

 

 

 

Total Bonding

 

281,000,000

345,000,000