| Public Act # | (using FY 1996-97 as the base) Tax Description | FY 98 | FY 99 | FY 00 | FY 01 | FY 02 |
|---|---|---|---|---|---|---|
| Personal Income Tax | ||||||
| 94-4 | Phase in credit for motor vehicle property tax, beginning with 1997 income year | (38.8) | (84.5) | (134.1) | (185.8) | (241.3) |
| 95-160 | Reduce rate from 4.5% to 3%:Joint Head of household Single $9,000 $7,000 $4,500 Rate change effective 7/1/96 | (14.0) | (15.6) | (15.6) | (15.6) | (15.6) |
| 95-160 | Up to $100 credit for Personal or Real Property tax for state residents, effective with 10/1/95 Grand List | (11.9) | (11.9) | (11.9) | (11.9) | (11.9) |
| Subtotal Personal Income Tax | (64.7) | (112.0) | (161.6) | (213.3) | (268.8) | |
| Sales Tax | ||||||
| 94-4 & 95-160 | Phase out tax on computer & data processing services beginning 7/97 | (4.2) | (8.3) | (12.5) | (16.7) | (20.8) |
| 94-4 & 95-160 | Various exemptions postponed from 7/1/96 to 7/1/97 | (7.4) | (7.4) | (7.4) | (7.4) | (7.4) |
| 96-160 | Various exemptions, effect. 7/97 | (4.5) | (4.5) | (4.5) | (4.5) | (4.5) |
| 96-232 | Vessel repair & maintenance phase out | (1.1) | (2.3) | (3.5) | (3.5) | (3.5) |
| Subtotal Sales Tax | (17.2) | (22.5) | (27.9) | (32.1) | (36.2) | |
| Corporation Tax | ||||||
| 93-74, 95-160 | Rate Reductions | (26.2) | (78.7) | (129.4) | (129.4) | (129.4) |
| 93-267 | New limited liability corporate status | (5.0) | (5.0) | (5.0) | (5.0) | (5.0) |
| 93-74 & 94-4 | Reduce interest on underpayments | (2.2) | (3.4) | (4.6) | (4.6) | (4.6) |
| 96-175 | S-corp net income phase out | (3.0) | (7.0) | (11.0) | (16.0) | (22.0) |
| 93-433 | Research / development credit* | (23.0) | (4.0) | (4.0) | (1.3) | (13.3) |
| 92-193 &93-74 | Job training credit phase in | (0.8) | (1.6) | (2.4) | (2.4) | (2.4) |
| 93-382 94-4 95-160 96-144 | Capital goods credit for small and medium-sized firms, effective for 1997 income year | (0.4) | (2.6) | (3.3) | (3.3) | (3.3) |
| 94-4 & 95-160 | Clean Air Act credit - 1997 income year | (0.5) | (1.5) | (1.5) | (1.5) | |
| 94-4 | Credit for Property Tax paid on data processing equipment on 10/94 grand list* | (9.8) | (10.9) | (12.1) | (13.2) | (13.2) |
| Subtotal Corporation Tax | (70.4) | (113.7) | (173.3) | (176.7) | (194.7) | |
| Inheritance Tax | ||||||
| 95-298 | Phase out beginning 1/1/97 | (43.6) | (65.7) | (103.6) | (124.3) | (154.0) |
| Public Service Companies Tax | ||||||
| 93-74 93-332 | Phase out tax on manufacturing utilities | (5.4) | (5.4) | (5.4) | (5.4) | (5.4) |
| 94-4 & 95-160 | Exempt private water companies effective 7/1/97 | (8.0) | (8.0) | (8.0) | (8.0) | (8.0) |
| 94-4 95-160 96-144 | Credit for property tax paid on data processing equipment on 10/94 grand list* | (1.2) | (1.2) | (1.2) | (1.2) | (1.2) |
| 96-205 | Phase out on steam | (0.1) | (0.3) | (0.4) | (0.6) | (0.8) |
| Subtotal Public Service Company Tax | (14.7) | (14.9) | (15.0) | (15.2) | (15.4) | |
| Insurance Premiums Tax | ||||||
| 94-4 95-160 96-144 | Credit for Property Tax paid on data processing equipment on 10/94 grand list* | (8.1) | (8.1) | (8.1) | (8.1) | (8.1) |
| Miscellaneous | ||||||
| 94-4 95-160 96-160 | Repeal tax on motor vehicle tires effective 7/1/97 | (4.0) | (4.0) | (4.0) | (4.0) | (4.0) |
| Hospital Gross Receipts Tax | ||||||
| 96-144 | Decrease 11% rate to 9.25 in 10/96; 8.25% in 10/97; 7.25% in10/98; and 6.25% in 10/99 | (23.5) | (43.0) | (63.0) | (68.0) | (68.0) |
| Total General Fund Revenue Reduction | (246.2) | (383.9) | (556.5) | (641.7) | (749.2) | |
| Source: Connecticut General Assembly, Office of Fiscal Analysis (November 1996). | ||||||
| Footnotes *OFA notes that data from the Department of Revenue Services may change the estimated fiscal impact for these items. | ||||||