Senate Bill No. 515 aims to address the impact of technological advancements on the Connecticut workforce by establishing a productivity gap surcharge for employers who reduce payroll while maintaining or increasing gross revenue. The bill defines key terms such as "augmented productivity," "collaborative technology," and "productivity gap," and mandates the Secretary of the Office of Policy and Management to submit an implementation plan by January 1, 2027. This plan will include a formula for the surcharge, an exemption for augmented productivity from state taxation, and the creation of a workforce and economic stability account to fund retraining and education programs for displaced employees.

Additionally, if the General Assembly does not enact the proposed implementation plan by July 1, 2027, the Secretary of the Office of Policy and Management is authorized to issue policies and procedures to implement the provisions of the plan. The bill also anticipates a potential cost of up to $300,000 for the Office of Policy and Management in FY 27 for consulting services to develop the required plan. The new legal language inserted into the bill includes definitions and provisions for the surcharge and the workforce stability account, while no deletions from current law are specified.