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State federal municipal quasi-publics resources
State Revenue Impact Calculator This Do-it-Yourself State Revenue Impact Calculator is an online tool that allows you to calculate the approximate impact of tax changes on overall state revenue. This is strictly for use as a tool to broadly understand approximate tax change implications -- and not intended for official use.

This calculator allows you to change tax rates for major tax categories or eliminate tax exemptions and credits. Enter a proposed tax rate change under the "proposed rate" column or check the box next to exemptions or credits that you want to eliminate. As desired, hit "enter" on your keyboard and the total impact of your changes will appear under the "Change" column in the Summary of Revenue Changes table at the top of the page.

Some tax categories, credits or exemptions - particularly those that are more complex in nature - are highlighted in blue, which allows you to click through to a glossary that explains the tax, credit or exemption.
Summary of Revenue Changes
Tax Change
Sales Tax $0
Corporation Business Tax 0
Gas and Petroleum Taxes 0
Personal Income Tax 0
Other 0
Total $0
Adjust Tax Rates or Amounts


Tax
Current Rate or Amount Proposed Rate or Amount Revenue 2013 (est) Est. Adjusted Revenue   Change 
Sales Tax 6.35% % 3,886,200,000 3,886,200,000 0
Luxury Sales Tax 7.00% % 4,000,000 4,000,000 0
Corporation Business Tax 7.50% % 716,200,000 716,200,000 0

Gas and Petroleum Taxes (2012 collections):
2012
-Petroleum Gross Earnings Tax 7.00% % 372,966,634 372,966,634 0
-Gasoline Tax -per gallon tax $ 0.25 $  364,272,914 364,272,914 0
-Special Fuels Tax - per gallon tax $ 0.51 $  112,725,493 112,725,493 0
Personal Income Tax






2013 (est)
tooltip 3.00% % 87,743,132 87,743,132 0
tooltip 5.00% % 1,183,492,284 1,183,492,284 0
tooltip 5.50% % 2,390,197,322 2,390,197,322 0
tooltip 6.00% % 1,012,367,344 1,012,367,344 0
tooltip 6.50% % 527,713,125 527,713,125 0
tooltip 6.70% % 3,351,590,093 3,351,590,093 0
Total PIT 8,553,103,301 8,553,103,301 0
Eliminate Credits and Exemptions - 2013 Estimates
Check items below to see the impact of eliminating the described credit or exemption
Sales Tax Exemptions Over $10 million                                                                   Corporation Business Tax Credits                                            
Motor Vehicle Fuel 547,000,000    Urban and Retirement Reinvestment Credit 4,000,000
Sales of Food Products for Human Consumption 426,000,000
  Sales of Certain Credits 9,500,000
Prescription Medicines, Syringes and Needles 341,000,000   Research & Experimentation 17,500,000
Fuel for Heating Purposes 62,000,000   Research & Development 5,800,000
Marine Fuel 14,000,000
  Qualified Small Business Job Creation Tax Credit 100,000

Newspapers and Magazines
24,000,000   New Jobs Creation Tax Credit 2,300,000
Certain Utilities Sales 224,000,000
 
  Neighborhood Assistance 3,500,000
Machinery, Parts and Production Materials Used in Maufacturing 120,000,000   Mfg Facilities/Service Facilities/Enterprise Zones 1,200,000
Health and Athletic Club Services 10,000,000   Machinery and Equiment 1,700,000
Sales to Government Organizations
776,000,000
  Job Expansion Tax Credit 10,000,000
Children's Hospital and the John Dempsey Hospital
15,000,000   Insurance Reinvestment 500,000
Aircraft Repair, Replacement Parts; Materials, and Fuel 14,000,000   Human Capital 1,700,000
Patient Care Services 307,000,000   Housing Program Contribution 1,600,000
Computer and Data Processing 118,000,000   Historic Home Rehabilitation, Historic Structure and Mixed Use Historic Rehabilation 500,000
Amusement and Recreation Services 75,000,000   Fixed Capital 70,000,000
World Wide Web - Web design and related services 55,000,000   Film Production Infrastructure 1,000,000
Advertising 42,000,000    Film Production 5,500,000
Renovation & Repair for Residential Property   21,000,000   Electronic Data Processing 10,000,000
Sales to Non-profit organizations (combined lease,labor, and goods)
  197,000,000   Digital Animation Production 1,000,000
Motor Vehicles & Vessels Purchased by Non-Residents to Use Out of State   44,000,000   Apprenticeship 600,000

Coupons and Discounts and Battery Deposits and Trade-Ins of like kind and core parts
  17,000,000   Total Change CBT Revenue 0
Commercial Fishing   26,000,000
 
Trade-In of Motor Vehicles, Snowmobiles, Vessels or Farm Tractors
51,000,000  
Total Change Sales Tax Revenue 0
Insurance Premiums Tax Credits (Change reflected in 'Other') Personal Income Tax Credits
Urban and Industrial Site Reinvestment 3,100,000 Job Expansion Tax credit 5,000,000
New Jobs Creation Tax Credit 100,000 Earned Income Tax Credit 116,500,000
Neighborhood Assistance 1,500,000 Credit For Property Taxes Paid 150,900,000
Insurance Reinvestment 800,000 Angel Investor Tax Credit 6,000,000
Insurance Department Assessment Credit 800,000 Total Change PIT Revenue 0
Housing Program Contribution 300,000
Historic Home Rehabilitation 500,000
Film Production Infrastructure 4,600,000
Film Production 23,300,000
Electronic Data Processing 13,000,000
Digital Animation Production 14,000,000
Total Change Insurance Premiums Tax Revenue 0

METHODOLOGY

The starting revenue amounts for the sales tax, gas and petroleum taxes and the corporation business taxes are based on estimated state revenue for Fiscal Year 13. Adjustments to the rate or per-dollar amount, as entered by the user, are reflected by equivalent percentage changes in revenue projections. For example a 20% increase in the rate or per-dollar amount results in a 20% increase in revenue.

The personal income tax is based off of calendar year 2010 income tax collections data available from the Department of Revenue Services. The data is adjusted to reflect collections based on the 2012 Connecticut Income tax tables and then inflated to reflect FY 2013 projected collections. In order to simplify the calculation for this revenue worksheet, the percentage of revenue taxed at each rate in each income bracket is calculated. When the user enters a new rate, the percent change from the existing rate is calculated, multiplied by the percentage of revenue taxed at each rate in each income bracket and then summed to reflect the new revenue estimate in each income bracket. Adjustments in any given rate band cascade into higher income brackets based upon the percentage of income in the higher bracket that is taxed at the lower rate. This methodology allows the worksheet to reflect the estimated impact of rate changes at lower income brackets upon higher income brackets.

Finally, the tax exemptions and credits were pulled from the Office of Fiscal Analysis 2012 Tax Expenditure report. The worksheet allows the user to see the impact of eliminating each major exemption and credit under the sales, corporation business tax, insurance premiums tax or personal income tax.

The revenue projections generated by the worksheet do not account for the elasticity of the tax or any corresponding ripple effects that might occur within the broader economy as a result of adjusting a given tax rate.

CT Taxable Income
Married Filing Jointly
Over But Not Over
$0 $20,000
Single
Over But Not Over
$0 $10,000
Head of Household
Over But Not Over
$0 $16,000
Married Filing Separately
Over But Not Over
$0 $10,000
CT Taxable Income
Married Filing Jointly
Over But Not Over
$20,000 $100,000
Single
Over But Not Over
$10,000 $50,000
Head of Household
Over But Not Over
$16,000 $80,000
Married Filing Separately
Over But Not Over
$10,000 $50,000
CT Taxable Income
Married Filing Jointly
Over But Not Over
$100,000 $200,000
Single
Over But Not Over
$50,000 $100,000
Head of Household
Over But Not Over
$80,000 $160,000
Married Filing Separately
Over But Not Over
$50,000 $100,000
CT Taxable Income
Married Filing Jointly
Over But Not Over
$200,000 $400,000
Single
Over But Not Over
$100,000 $200,000
Head of Household
Over But Not Over
$160,000 $320,000
Married Filing Separately
Over But Not Over
$100,000 $200,000
CT Taxable Income
Married Filing Jointly
Over But Not Over
$400,000 $500,000
Single
Over But Not Over
$200,000 $250,000
Head of Household
Over But Not Over
$320,000 $400,000
Married Filing Separately
Over But Not Over
$200,000 $250,000
CT Taxable Income
Married Filing Jointly
Over $500,000
Single
Over $250,000
Head of Household
Over $400,000
Married Filing Separately
Over $250,000