Senate Bill No. 449, identified as File No. 531, is a legislative proposal that mandates a study of certain state taxes by the Commissioners of Economic and Community Development and Revenue Services. The taxes to be studied include the personal income tax, sales and use taxes, the corporation business tax, and the affected business entity tax. The purpose of the study is to compare these taxes with those in surrounding states and to identify potential programmatic and legislative changes that could enhance the economic competitiveness of Connecticut. The commissioners are authorized to consult with individuals, businesses, and state agencies as deemed necessary to fulfill the objectives of the study. A report detailing the findings and recommendations is required to be submitted to the joint standing committees of the General Assembly with jurisdiction over commerce and finance, revenue, and bonding by January 1, 2025.

The bill specifies that the act will take effect upon passage and introduces a new section to the law. The Fiscal Impact Statement and Bill Analysis indicate that the bill will not result in any fiscal impact to the state or municipalities, as the agencies involved have the necessary expertise to conduct the study without additional resources. The Finance, Revenue and Bonding Committee has given a Joint Favorable report on the bill, with a vote of 50 in favor and 1 against on April 2, 2024. The Office of Legislative Research does not analyze Special Acts, and therefore no analysis from them is included.