Senate Bill No. 3005
Senate Bill No. 3005
June 18 Special Session, PUBLIC ACT NO. 97-4
AN ACT CONCERNING STATE TAXES AND EXEMPTIONS AND
MAKING MISCELLANEOUS CHANGES RELATING TO THE STATE
BUDGET FOR THE BIENNIUM ENDING JUNE 30, 1999.
Be it enacted by the Senate and House of
Representatives in General Assembly convened:
Section 1. Section 12-218 of the general
statutes, as amended by section 10 of public act
97-243, is amended by adding subsection (j) as
follows:
(NEW) (j) (1) Any taxpayer described in
subdivision (2) of this subsection may elect, on
or before the due date or, if applicable, the
extended due date, of its corporation business tax
return for an income year commencing on or after
January 1, 1997, to apportion its net income
derived from credit card activities in the manner
provided in this subsection. The election, if made
by the taxpayer, shall be irrevocable for, and
applicable for, five successive income years.
Income derived by such taxpayer from sources other
than credit card activities shall be apportioned
as provided in this section. A taxpayer so
electing shall, for purposes of subsection (a) of
this section, be deemed to be taxable in another
state if, under the laws of such state, such
taxpayer is subject to a net income tax, a
franchise tax for the privilege of doing business,
or a corporate stock tax on such taxpayer's net
income derived from credit card activities, and
such state does, in fact, impose such a tax on
such net income.
(2) A taxpayer is eligible to make the
election provided by subdivision (1) of this
subsection if it is (A) an institution whose
activities are limited to those described in 12
USC Section 1841(c)(2)(F), as from time to time
amended, (B) a bank whose deposits are insured by
the Federal Deposit Insurance Corporation and
which issues credit cards and regularly engages in
credit card activities, or (C) a wholly-owned
subsidiary of a bank that is described in
subparagraph (B) of this subdivision, if such
subsidiary is engaged in purchasing, holding,
selling, assigning, transferring, pledging or
otherwise dealing with (i) revolving credit card
accounts and credit card receivables, (ii)
passthrough or asset-backed certificates
evidencing interests in one or more trusts or
pools of credit card receivables, or (iii) related
letters of credit, indentures, evidences of
indebtedness and agreements including, but not
limited to, agreements with originators or
servicers of credit card receivables, and if both
such subsidiary and such bank have made the
election provided by subdivision (1) of this
subsection for the same five successive income
years. Notwithstanding the provisions of this
subdivision, a taxpayer shall be eligible to make
the election provided by subdivision (l) of this
subsection for income years commencing on or after
January 1, 1997, and prior to January 1, 2002,
only if its principal credit card activities
during such income years are located in a
distressed municipality as defined in subsection
(b) of section 32-9p. For income years commencing
on or after January 1, 2002, a taxpayer shall be
eligible to make the election without regard to
the location of its principal credit card
activities.
(3) The numerator of the apportionment
fraction shall consist of the Connecticut
receipts, as described in subdivision (4) of this
subsection. The denominator of the apportionment
fraction shall consist of (A) the total amount of
interest and fees or penalties in the nature of
interest from credit card receivables, (B)
receipts from fees charged to card holders,
including, but not limited to, annual fees,
irrespective of the billing address of the card
holder, (C) net gains from the sale of credit card
receivables, irrespective of the billing address
of the card holder, and (D) all credit card
issuer's reimbursement fees, irrespective of the
billing address of the card holder.
(4) For purposes of this subsection,
"Connecticut receipts" shall be determined by
adding (A) interest and fees or penalties in the
nature of interest from credit card receivables
and receipts from fees charged to card holders,
including, but not limited to, annual fees, where
the billing address of the card holder is in this
state and (B) the product of (i) the sum of net
gains from the sale of credit card receivables and
all credit card issuer's reimbursement fees
multiplied by (ii) a fraction, the numerator of
which shall be interest and fees or penalties in
the nature of interest from credit card
receivables and receipts from fees charged to card
holders, including, but not limited to, annual
fees, where the billing address of the card holder
is in this state, and the denominator of which
shall be the total amount of interest and fees or
penalties in the nature of interest from credit
card receivables and receipts from fees charged to
card holders, including, but not limited to,
annual fees, irrespective of the billing address
of the card holder.
(5) For purposes of this subsection:
(A) "Credit card" means a credit, travel, or
entertainment card;
(B) "Receipts" means receipts computed
according to the method of accounting used by the
taxpayer in the computation of net income;
(C) "Credit card issuer's reimbursement fee"
means the fee that a taxpayer receives from a
merchant's bank because one of the persons to whom
the taxpayer has issued a credit card has charged
merchandise or services to the credit card;
(D) "Net income derived from credit card
activities" means (i) interest and fees or
penalties in the nature of interest from credit
card receivables and receipts from fees charged to
card holders, including, but not limited to,
annual fees, net gains from the sale of credit
card receivables, credit card issuer's
reimbursement fees, and credit card receivables
servicing fees received in connection with credit
cards issued by the taxpayer, less (ii) expenses
related to such income, to the extent deductible
under chapter 208; and
(E) "Billing address" shall be presumed to be
the location indicated in the books and records of
the taxpayer as the address where any notice,
statement or bill relating to a card holder is to
be mailed, as of the date of such mailing.
(F) "Credit card activities" means those
activities involving the underwriting and approval
of credit card relationships or other business
activities generally associated with the conduct
of business by an issuer of credit cards from
which it derives income.
(6) The Commissioner of Revenue Services may
adopt regulations, in accordance with chapter 54,
to permit a taxpayer described in subdivision (2)
of this subsection that is an owner of a financial
asset securitization investment trust, as defined
in Section 860H(a) of the Internal Revenue Code,
to elect to apportion its share of the net income
from credit card activities carried on by such
trust, and to provide rules for apportioning such
share of net income that are consistent with this
subsection.
Sec. 2. Section 31-254 of the general statutes
is repealed and the following is substituted in
lieu thereof:
(a) Each employer, whether or not otherwise
subject to this chapter, shall keep accurate
records of employment as defined in subsection (a)
of section 31-222, containing such information as
the administrator may by regulation prescribe in
order to effectuate the purposes of this chapter.
Such records shall be open to, and available for,
inspection and copying by the administrator or his
authorized representatives at any reasonable time
and as often as may be necessary. The
administrator may require from any employer,
whether or not otherwise subject to this chapter,
any sworn or unsworn reports with respect to
persons employed by him which are necessary for
the effective administration of this chapter.
Information thus obtained shall not be published
or be open to public inspection, other than to
public employees in the performance of their
public duties, in any manner revealing the
employee's or the employer's identity, but any
claimant at a hearing before a commissioner shall
be supplied with information from such records to
the extent necessary for the proper presentation
of his claim. Any employee of the administrator,
or any other public employee, who violates any
provision of this section shall be fined not more
than two hundred dollars or imprisoned not more
than six months or both and shall be dismissed
from the service. Reports or records which have
been required by the administrator and which have
been used in computing benefit rights of claimants
or in the determination of the amounts and rates
of contributions shall be preserved by the
administrator for a period of at least four years.
Those records or reports required by the
administrator which have not been used for the
purpose of computing benefit rights or in the
determination of the amounts or rates of
contributions shall be preserved by the
administrator for at least two and one-half years.
Such records or reports may, after preservation
for the minimum period required by this section,
be destroyed by the administrator in his
discretion, notwithstanding the provisions of
section 11-8a. Notwithstanding any of the
disclosure provisions of this chapter, the
administrator shall provide upon request of the
public agency administering the AFDC and child
support programs, any information in his
possession relating to individuals: (1) Who are
receiving, have received, or have applied for
unemployment insurance; (2) the amount of benefits
being received; (3) the current home address of
such individuals, and (4) whether any offer of
work has been refused and, if so, a description of
the job and the terms, conditions, and rate of pay
therefor. Notwithstanding any of the disclosure
provisions of this chapter, the administrator
shall provide, upon request of the Connecticut
Student Loan Foundation, its officers or
employees, any information in his possession
relating to the current residence address or place
of employment of any individual who has been
determined by the Connecticut Student Loan
Foundation to be in default on his student loan.
Reimbursement for the cost of furnishing this
information shall be made by the agency requesting
the data in a manner prescribed by the
administrator of this chapter.
(b) THE LABOR DEPARTMENT SHALL ADMINISTER A
STATE DIRECTORY OF NEW HIRES IN ACCORDANCE WITH
THIS SECTION. NOT LATER THAN TWENTY DAYS AFTER THE
DATE OF EMPLOYMENT, EACH EMPLOYER MAINTAINING AN
OFFICE OR TRANSACTING BUSINESS IN THIS STATE SHALL
REPORT THE NAME, ADDRESS AND SOCIAL SECURITY
NUMBER OF EACH NEW EMPLOYEE EMPLOYED IN THIS STATE
TO THE LABOR DEPARTMENT BY FORWARDING TO SAID
DEPARTMENT A COPY OF THE CONNECTICUT INCOME TAX
WITHHOLDING OR EXEMPTION CERTIFICATE COMPLETED BY
SUCH EMPLOYEE OR BY ANY OTHER MEANS CONSISTENT
WITH REGULATIONS THE LABOR COMMISSIONER MAY ADOPT
IN ACCORDANCE WITH CHAPTER 54, EXCEPT THAT
EMPLOYERS REPORTING MAGNETICALLY OR ELECTRONICALLY
SHALL REPORT NEW EMPLOYEES, IF ANY, AT LEAST TWICE
PER MONTH BY TRANSMISSIONS NOT LESS THAN TWELVE
NOR MORE THAN SIXTEEN DAYS APART. EACH SUCH REPORT
SHALL INDICATE THE NAME, ADDRESS AND STATE AND
FEDERAL TAX REGISTRATION OR IDENTIFICATION NUMBERS
OF THE EMPLOYER. SUCH INFORMATION SHALL BE
TRANSMITTED IN A FORMAT PRESCRIBED BY THE LABOR
COMMISSIONER. SUCH INFORMATION SHALL BE ENTERED BY
THE LABOR DEPARTMENT IN THE STATE DIRECTORY OF NEW
HIRES WITHIN FIVE BUSINESS DAYS OF RECEIPT AND MAY
BE USED BY THE LABOR COMMISSIONER IN ACCORDANCE
WITH HIS POWERS AND DUTIES BUT SHALL BE
CONFIDENTIAL AND SHALL NOT BE DISCLOSED EXCEPT AS
PROVIDED IN SUBSECTIONS (d) AND (e) OF THIS
SECTION AND SUBSECTION (b) OF SECTION 3 OF THIS
ACT.
(c) (1) FOR THE PURPOSES OF THIS SECTION,
"EMPLOYER" DOES NOT INCLUDE ANY DEPARTMENT, AGENCY
OR INSTRUMENTALITY OF THE UNITED STATES; OR ANY
STATE AGENCY PERFORMING INTELLIGENCE OR
COUNTERINTELLIGENCE FUNCTIONS, IF THE HEAD OF SUCH
AGENCY HAS DETERMINED THAT REPORTING PURSUANT TO
THIS SECTION WITH RESPECT TO THE EMPLOYEE COULD
ENDANGER THE SAFETY OF THE EMPLOYEE OR COMPROMISE
AN ONGOING INVESTIGATION OR INTELLIGENCE MISSION.
(2) AN EMPLOYER THAT HAS EMPLOYEES WHO ARE
EMPLOYED IN THIS STATE AND ONE OR MORE OTHER
STATES AND THAT TRANSMITS REPORTS MAGNETICALLY OR
ELECTRONICALLY SHALL NOT BE REQUIRED TO REPORT TO
THIS STATE IF SUCH EMPLOYER HAS DESIGNATED ANOTHER
STATE IN WHICH IT HAS EMPLOYEES TO WHICH IT WILL
TRANSMIT REPORTS, PROVIDED SUCH EMPLOYER HAS
NOTIFIED THE LABOR COMMISSIONER, IN WRITING, AS TO
WHICH OTHER STATE IT HAS DESIGNATED FOR THE
PURPOSE OF SENDING SUCH REPORTS.
(d) ON A DAILY BASIS, IN IV-D SUPPORT CASES,
AS DEFINED IN SECTION 46b-231, THE DEPARTMENT OF
SOCIAL SERVICES SHALL COMPILE A LIST OF ALL
INDIVIDUALS WHO ARE THE SUBJECT OF A CHILD SUPPORT
INVESTIGATION OR ACTION BEING UNDERTAKEN BY THE
IV-D AGENCY, AS DEFINED IN SECTION 46b-231, AND
SHALL TRANSMIT SUCH LIST TO THE LABOR DEPARTMENT.
THE LABOR DEPARTMENT SHALL PROMPTLY IDENTIFY ANY
NEW EMPLOYEE WHO IS SUCH AN INDIVIDUAL AND SAID
DEPARTMENT SHALL TRANSMIT TO THE DEPARTMENT OF
SOCIAL SERVICES THE NAME, ADDRESS AND SOCIAL
SECURITY NUMBER OF EACH NEW EMPLOYEE AND THE NAME,
ADDRESS AND STATE AND FEDERAL TAX REGISTRATION OR
IDENTIFICATION NUMBERS OF THE EMPLOYER. THE IV-D
AGENCY SHALL USE SUCH INFORMATION TO LOCATE
INDIVIDUALS FOR PURPOSES OF ESTABLISHING PATERNITY
AND ESTABLISHING, MODIFYING AND ENFORCING CHILD OR
MEDICAL SUPPORT ORDERS, AND MAY DISCLOSE SUCH
INFORMATION TO ANY AGENT OF SUCH AGENCY THAT IS
UNDER CONTRACT TO CARRY OUT SUCH PURPOSES. THE
LABOR COMMISSIONER SHALL REQUIRE THAT
CONFIDENTIALITY SAFEGUARDS BE PART OF THE
CONTRACTING AGENCY'S AGREEMENT WITH THE DEPARTMENT
OF SOCIAL SERVICES.
(e) ON A BIWEEKLY BASIS, THE DEPARTMENT OF
SOCIAL SERVICES SHALL COMPILE A LIST OF
INDIVIDUALS WHO ARE RECEIVING PUBLIC ASSISTANCE
UNDER THE TEMPORARY ASSISTANCE FOR NEEDY FAMILIES,
MEDICAID, FOOD STAMP, STATE SUPPLEMENT AND GENERAL
ASSISTANCE PROGRAMS AND SHALL TRANSMIT SUCH LIST
TO THE LABOR DEPARTMENT. THE LABOR DEPARTMENT
SHALL PROMPTLY IDENTIFY ANY NEW EMPLOYEE WHO IS
SUCH AN INDIVIDUAL AND SAID DEPARTMENT SHALL
TRANSMIT TO THE DEPARTMENT OF SOCIAL SERVICES THE
NAME, ADDRESS AND SOCIAL SECURITY NUMBER OF EACH
SUCH NEW EMPLOYEE AND THE NAME, ADDRESS AND STATE
AND FEDERAL TAX REGISTRATION OR IDENTIFICATION
NUMBERS OF THE EMPLOYER.
(f) THE DEPARTMENT OF SOCIAL SERVICES SHALL
REIMBURSE THE LABOR DEPARTMENT FOR ANY COSTS
INCLUDED IN CARRYING OUT THE PROVISIONS OF THIS
SECTION, INCLUDING THE COST OF PROVIDING A
TOLL-FREE FACSIMILE NUMBER FOR EMPLOYERS REQUIRED
TO REPORT PURSUANT TO SUBSECTION (b) OF THIS
SECTION AND SECTION 3 OF THIS ACT. THE
COMMISSIONER OF SOCIAL SERVICES AND THE LABOR
COMMISSIONER SHALL ENTER INTO A PURCHASE OF
SERVICE AGREEMENT WHICH ESTABLISHES PROCEDURES
NECESSARY FOR THE ADMINISTRATION OF SUBSECTIONS
(b) TO (f), INCLUSIVE, OF THIS SECTION.
Sec. 3. (NEW) (a) The Labor Department shall,
on a quarterly basis, furnish to the national
directory of new hires extracts of the wage and
claim information contained in the records
required and maintained by the Labor Commissioner
pursuant to chapter 567 of the general statutes
and to the extent required by applicable
provisions of state and federal law.
(b) Not later than three business days after
the date information regarding a newly hired
employee is entered into the state directory of
new hires, the Labor Department shall furnish such
information to the national directory of new hires
established under the Welfare Reform Act, 42 USC
653.
Sec. 4. Subsection (d) of section 31-225 of
the general statutes is repealed and the following
is substituted in lieu thereof:
(d) In lieu of contributions required of
employers subject to this chapter, the state shall
pay into the Unemployment Compensation Fund an
amount equivalent to the amount of benefits
charged to the state as provided in section
31-225a, or may at its option make payments as
provided in subdivision (1) of subsection (g) of
this section. The amount of payments required
under this section to be made into the fund shall
be ascertained by the administrator as soon as
practicable after the end of each calendar quarter
and shall be payable from the General Fund of the
state, except as provided hereafter. If a claimant
to whom benefits were paid was paid wages by the
state during the base period from a special or
administrative fund provided for by law, the
payment into the Unemployment Compensation Fund
shall be made from such special or administrative
fund with the approval of the Secretary of the
Office of Policy and Management. The payment by
the state into the fund shall be made at such
times and in such manner as the administrator may
determine and prescribe. [The state shall not be
required to maintain a record of the Social
Security account numbers of its employees.]
Sec. 5. Section 12-412 of the general
statutes, as amended by sections 21 to 25,
inclusive, of public act 97-243, section 6 of
public act 97-295, public act 97-315, and public
act 97-316, is amended by adding subsection (94)
as follows:
(NEW) (94) Sales of and the acceptance, use or
other consumption of any service described in
subsection (2) of section 12-407 that is accepted,
used or consumed in the development, construction,
rehabilitation, renovation or repair of housing
facilities for low and moderate income families
and persons, provided such facilities are situated
in Qualified Census Tracts or Difficult
Development Areas as designated by the Secretary
of the United States Department of Housing and
Urban Development and provided, further, that the
development of such facilities is assisted by an
allocation of Low Income Housing Tax Credits
pursuant to Section 42 of the Internal Revenue
Code. For purposes of this subsection, (A)
"housing facilities" means facilities having as
their primary purpose the provision of safe and
adequate housing and related facilities for low
and moderate income families and persons,
notwithstanding that said housing provides other
dwelling accommodations for low and moderate
income families; (B) "related facilities" means
those facilities defined in subsection (d) of
section 8-243; and (C) "low and moderate income
families" means those families as defined in
subsection (h) of said section 8-243.
Sec. 6. Section 12-692 of the general statutes
is repealed and the following is substituted in
lieu thereof:
(a) For purposes of this section:
(1) ["Motor vehicle"] "PASSENGER MOTOR
VEHICLE" means a [private] passenger vehicle,
[designed to transport fifteen or fewer
passengers,] which is rented without a driver and
WHICH is part of a motor vehicle fleet of five or
more passenger MOTOR vehicles THAT ARE owned AND
USED FOR RENTAL PURPOSES by the same [person or]
rental company. [used for rentals.]
(2) "Rental company" means any business entity
THAT IS engaged in the business of renting
PASSENGER motor vehicles WITHOUT A DRIVER in this
state AND THAT OWNS AND USES FOR RENTAL PURPOSES A
MOTOR VEHICLE FLEET OF FIVE OR MORE PASSENGER
MOTOR VEHICLES IN THIS STATE, but does not mean [a
motor vehicle repair shop as defined in section
14-65e] ANY PERSON, FIRM OR CORPORATION THAT IS
LICENSED, OR REQUIRED TO BE LICENSED, PURSUANT TO
SECTION 14-52, AS A NEW CAR DEALER, USED CAR
DEALER, REPAIRER OR LIMITED REPAIRER.
(b) There is hereby imposed a three per cent
surcharge on each PASSENGER motor vehicle rented
within the state BY A RENTAL COMPANY TO A LESSEE
for a period of less than thirty-one days. The
rental surcharge shall be imposed on the total
amount the [lessor] RENTAL COMPANY charges the
lessee for the rental of a motor vehicle. SUCH
SURCHARGE SHALL BE IN ADDITION TO ANY TAX
OTHERWISE APPLICABLE TO ANY SUCH TRANSACTION AND
SHALL BE INCLUDABLE IN THE MEASURE OF THE SALES
AND USE TAXES IMPOSED UNDER CHAPTER 219.
(c) Reimbursement for the surcharge imposed by
subsection (b) of this section shall be collected
by the [lessor] RENTAL COMPANY from the lessee and
such surcharge reimbursement, termed "surcharge"
in this subsection, shall be paid by the
[consumer] LESSEE to the [retailer] RENTAL COMPANY
and each [retailer] RENTAL COMPANY shall collect
from the [consumer] LESSEE the full amount of the
surcharge imposed by said subsection (b). Such
surcharge shall be a debt from the lessee to the
[lessor] RENTAL COMPANY, when so added to the
original lease or rental price, and shall be
recoverable at law in the same manner as other
debts. The rental contract shall separately
indicate the rental surcharge imposed on each
PASSENGER motor vehicle rental. The rental
surcharge shall, SUBJECT TO THE PROVISIONS OF
SUBSECTION (d) OF THIS SECTION, be retained by the
rental company.
(d) On or before February 15, 1997, and the
fifteenth of February annually thereafter, each
rental company shall file a report with the
[Secretary of the Office of Policy and Management
detailing the amount of personal property tax,
licensing and titling fees paid during the
previous year on motor vehicles used for rent and
the amount received pursuant to the rental
surcharge imposed under this section] COMMISSIONER
OF REVENUE SERVICES DETAILING THE AGGREGATE AMOUNT
OF PERSONAL PROPERTY TAX THAT IS ACTUALLY PAID BY
SUCH COMPANY TO A CONNECTICUT MUNICIPALITY OR
MUNICIPALITIES DURING THE PRECEDING CALENDAR YEAR
ON PASSENGER MOTOR VEHICLES THAT ARE OWNED AND
USED FOR RENTAL PURPOSES BY SUCH COMPANY, THE
AGGREGATE AMOUNT OF REGISTRATION AND TITLING FEES
THAT ARE ACTUALLY PAID BY SUCH COMPANY TO THE
DEPARTMENT OF MOTOR VEHICLES OF THIS STATE DURING
THE PRECEDING CALENDAR YEAR ON PASSENGER MOTOR
VEHICLES THAT ARE OWNED AND USED FOR RENTAL
PURPOSES BY SUCH COMPANY AND THE AGGREGATE AMOUNT
OF THE RENTAL SURCHARGE THAT IS ACTUALLY RECEIVED,
PURSUANT TO THIS SECTION, BY SUCH COMPANY DURING
THE PRECEDING CALENDAR YEAR ON PASSENGER MOTOR
VEHICLES THAT ARE OWNED AND USED FOR RENTAL
PURPOSES BY SUCH COMPANY. THE REPORT SHALL ALSO
SHOW SUCH OTHER INFORMATION AS THE COMMISSIONER
DEEMS NECESSARY FOR THE PROPER ADMINISTRATION OF
THIS SECTION. On or before February 15, 1997, and
the fifteenth of February annually thereafter,
each rental company shall remit to the
[Comptroller] COMMISSIONER OF REVENUE SERVICES for
deposit in the General Fund, the amount [of
surcharge collected which exceeds the amount of
property taxes, licensing and titling fees paid
and a copy of the report which was submitted to
the Office of Policy and Management] BY WHICH THE
AGGREGATE AMOUNT OF THE RENTAL SURCHARGE ACTUALLY
RECEIVED BY SUCH COMPANY ON SUCH VEHICLES DURING
THE PRECEDING CALENDAR YEAR EXCEEDS THE SUM OF THE
AGGREGATE AMOUNT OF PROPERTY TAXES ACTUALLY PAID
BY SUCH COMPANY ON SUCH VEHICLES TO A CONNECTICUT
MUNICIPALITY OR MUNICIPALITIES DURING THE
PRECEDING CALENDAR YEAR AND THE AGGREGATE AMOUNT
OF REGISTRATION AND TITLING FEES ACTUALLY PAID BY
SUCH COMPANY ON SUCH VEHICLES TO THE DEPARTMENT OF
MOTOR VEHICLES OF THIS STATE DURING THE PRECEDING
CALENDAR YEAR.
(e) ANY PERSON WHO FAILS TO PAY ANY AMOUNT
REQUIRED TO BE PAID TO THE COMMISSIONER OF REVENUE
SERVICES UNDER THIS SECTION WITHIN THE TIME
REQUIRED SHALL PAY A PENALTY OF FIFTEEN PER CENT
OF SUCH AMOUNT OR FIFTY DOLLARS, WHICHEVER AMOUNT
IS GREATER, IN ADDITION TO SUCH AMOUNT, PLUS
INTEREST AT THE RATE OF ONE PER CENT PER MONTH OR
FRACTION THEREOF FROM THE DUE DATE OF SUCH AMOUNT
UNTIL THE DATE OF PAYMENT. SUBJECT TO THE
PROVISIONS OF SECTION 12-3a, THE COMMISSIONER MAY
WAIVE ALL OR ANY PART OF THE PENALTIES PROVIDED
UNDER THIS SECTION WHEN IT IS PROVEN TO THE
SATISFACTION OF THE COMMISSIONER THAT THE FAILURE
TO PAY ANY AMOUNT REQUIRED TO BE PAID TO THE
COMMISSIONER WAS DUE TO REASONABLE CAUSE AND WAS
NOT INTENTIONAL OR DUE TO NEGLECT.
(f) THE COMMISSIONER OF REVENUE SERVICES FOR
GOOD CAUSE MAY EXTEND THE TIME FOR MAKING ANY
REPORT AND PAYING ANY AMOUNT REQUIRED TO BE PAID
TO THE COMMISSIONER UNDER THIS SECTION IF A
WRITTEN REQUEST THEREFOR IS FILED WITH THE
COMMISSIONER TOGETHER WITH A TENTATIVE REPORT
WHICH SHALL BE ACCOMPANIED BY A PAYMENT OF ANY
AMOUNT TENTATIVELY BELIEVED TO BE DUE TO THE
COMMISSIONER, ON OR BEFORE THE LAST DAY FOR FILING
THE REPORT. ANY PERSON TO WHOM AN EXTENSION IS
GRANTED SHALL PAY, IN ADDITION TO THE AMOUNT
REQUIRED TO BE PAID, INTEREST AT THE RATE OF ONE
PER CENT PER MONTH OR FRACTION THEREOF FROM THE
DATE ON WHICH SUCH AMOUNT WOULD HAVE BEEN DUE
WITHOUT THE EXTENSION UNTIL THE DATE OF PAYMENT.
(g) THE PROVISIONS OF SECTIONS 12-548 TO
12-554, INCLUSIVE, AND SECTION 12-555a SHALL APPLY
TO THE PROVISIONS OF THIS SECTION IN THE SAME
MANNER AND WITH THE SAME FORCE AND EFFECT AS IF
THE LANGUAGE OF SAID SECTIONS 12-548 TO 12-554,
INCLUSIVE, AND SECTION 12-555a HAD BEEN
INCORPORATED IN FULL INTO THIS SECTION, EXCEPT TO
THE EXTENT THAT ANY PROVISION IS INCONSISTENT WITH
A PROVISION IN THIS SECTION, AND EXCEPT THAT THE
TERM "TAX" SHALL BE READ AS "SURCHARGE".
Sec. 7. Subsection (a) of section 14-307 of
the general statutes is repealed and the following
is substituted in lieu thereof:
(a) The traffic authority of any city, town or
borough shall have power to prohibit, limit or
restrict the parking of vehicles and to erect and
maintain signs in each block designating the time
or terms of such prohibition or restriction on any
highway or thoroughfare coming under the
jurisdiction of such city, town or borough and
such traffic authority may remove from state
highways, except limited access highways, within
the territorial limits of such city, town or
borough any vehicles parked in violation of any
regulation of the State Traffic Commission
established in accordance with subsection (b) of
this section and of any rule, regulation, order or
ordinance of any such city, town or borough
relative to or in connection with parking on such
highway. Such removal shall be undertaken in
accordance with the procedures employed by the
city, town or borough in the removal of vehicles
from any highway or thoroughfare coming under the
jurisdiction of such city, town or borough. THE
COMMISSIONER OF MOTOR VEHICLES SHALL ADOPT
REGULATIONS IN ACCORDANCE WITH THE PROVISIONS OF
CHAPTER 54 TO ESTABLISH PROCEDURES FOR THE REMOVAL
OF SUCH VEHICLES BY SUCH TRAFFIC AUTHORITY AND FOR
THE STORAGE OF SUCH VEHICLES. THE REGULATIONS
SHALL, AT A MINIMUM, (1) REQUIRE THAT SUCH TRAFFIC
AUTHORITY PROVIDE WRITTEN NOTICE BY CERTIFIED MAIL
TO THE OWNER OF ANY VEHICLE REMOVED, (2) PROVIDE
ANY SUCH OWNER WITH AN OPPORTUNITY FOR A HEARING
BEFORE A HEARING OFFICER APPOINTED BY THE CHIEF
EXECUTIVE OFFICER OF EACH CITY, TOWN OR BOROUGH
AND SPECIFY PROCEDURES FOR THE HOLDING OF SUCH
HEARING, (3) PROVIDE THAT THE OWNER OR KEEPER OF
ANY GARAGE OR OTHER PLACE WHERE ANY SUCH VEHICLE
IS STORED SHALL HAVE A LIEN ON THE VEHICLE FOR HIS
STORAGE CHARGES AND (4) SPECIFY PROCEDURES FOR THE
SALE AT PUBLIC AUCTION OF ANY VEHICLE PLACED IN
STORAGE WHICH IS NOT CLAIMED WITHIN A SPECIFIED
PERIOD OF TIME BY THE OWNER THEREOF.
Sec. 8. Subsection (a) of section 3-13d of the
general statutes, as amended by section 1 of
public act 97-260, is repealed and the following
is substituted in lieu thereof:
(a) Notwithstanding any other provision in the
general statutes or elsewhere to the contrary, the
Treasurer shall invest as much of the state's
trust funds as are not required for current
disbursements in accordance with the provisions of
section 45a-203 or the provisions of this part.
Notwithstanding the provisions of this section or
any other provision in the general statutes or
elsewhere to the contrary, the Treasurer shall not
invest more than fifty-five per cent of the market
value of each such trust fund in common stock,
EXCEPT IN THE EVENT OF A STOCK MARKET FLUCTUATION
THAT CAUSES THE COMMON STOCK PERCENTAGE TO
INCREASE AND THE TREASURER DEEMS IT IN THE BEST
INTEREST OF SUCH TRUST FUND TO MAINTAIN A HIGHER
PERCENTAGE OF EQUITIES, PROVIDED THE TREASURER
SHALL NOT ALLOW THE MARKET VALUE OF EACH SUCH
TRUST FUND IN COMMON STOCK TO EXCEED FIFTY-FIVE
PER CENT FOR MORE THAN SIX MONTHS AFTER SUCH
FLUCTUATION OCCURS. Investments in real estate
investment trusts (REITS) shall be considered
alternative investments and not common stock
investments under this section. In order to
increase the income for each such combined
investment fund established pursuant to section
3-31b, the Treasurer may enter into repurchase
agreements or lend securities from each such fund,
provided that at the time of the execution of the
repurchase agreement or the loan at least one
hundred per cent of the market value of the
security sold or lent shall be received as
consideration in the form of cash or securities
guaranteed by the United States government or any
agency of the United States government in the case
of a repurchase agreement or secured by cash or
such securities in the case of a loan. At all
times during the term of each such repurchase
agreement or the term of each such loan the
consideration received or the collateral shall be
equal to not less than ninety-five per cent of the
full market value of the security and said
consideration received or said collateral shall
not be more than one hundred thousand dollars less
than the full market value of the security. The
Treasurer may sell call options which would give
the holders of such options the right to purchase
securities held by the Treasurer at the date the
call is sold for investment purposes, under such
terms and conditions as the Treasurer may
determine. Among the factors to be considered by
the Treasurer with respect to all securities may
be the social, economic and environmental
implications of investments of trust funds in
particular securities or types of securities. In
the investment of the state's trust funds the
Treasurer shall consider the implications of any
particular investment in relation to the foreign
policy and national interests of the United
States.
Sec. 9. Notwithstanding the provisions of
subparagraph (c) of subdivision (59) of section
12-81 of the general statutes, any person
otherwise eligible for an exemption pursuant to
subparagraph (a) of said subdivision for taxes
payable in July, 1996, and January, 1997, except
that such person failed to make application within
the time specified in said subparagraph (c), may
submit an application for exemption within thirty
days after the effective date of this section. The
application shall be accompanied by the fee
required by section 12-81k of the general
statutes. Upon receipt of the application and fee
and verification of payment of such taxes, the
municipality may reimburse such person in an
amount equal to one-half of the amount by which
such taxes exceed the taxes payable if the
application had been filed in a timely manner and,
notwithstanding the time for filing with the
Secretary of the Office of Policy and Management
specified in section 32-9s of the general
statutes, shall be eligible for payment pursuant
to said section 32-9s.
Sec. 10. Section 31-2c of the general statutes
is repealed.
Sec. 11. This act shall take effect from its
passage except that (1) section 1 shall be
applicable to income years commencing on or after
January 1, 1997; (2) section 5 shall be applicable
to sales occurring on or after January 1, 1997;
(3) section 3 shall take effect October 1, 1997;
and (4) sections 2, 4 and 10 shall take effect
October 1, 1998.
Approved June 30, 1997