Bill Text: CT SB00326 | 2010 | General Assembly | Comm Sub

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Bill Title: An Act Concerning Local Tax Abatements.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2010-04-26 - Favorable Report, Tabled for the Calendar, Senate [SB00326 Detail]

Download: Connecticut-2010-SB00326-Comm_Sub.html

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General Assembly		Raised Bill No. 326
February Session, 2010		LCO No. 1224
		*_____SB00326FIN___042610____*
Referred to Committee on Commerce
Introduced by:
(CE)

AN ACT CONCERNING LOCAL TAX ABATEMENTS.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

Section 1. Section 12-65b of the general statutes is repealed and the following is substituted in lieu thereof (Effective July 1, 2010):

(a) Any municipality may, by affirmative vote of its legislative body, enter into a written agreement with any party owning or proposing to acquire an interest in real property in such municipality, or with any party owning or proposing to acquire an interest in air space in such municipality, or with any party who is the lessee of, or who proposes to be the lessee of, air space in such municipality in such a manner that the air space leased or proposed to be leased shall be assessed to the lessee pursuant to section 12-64, fixing the assessment of the real property or air space which is the subject of the agreement, and all improvements thereon or therein and to be constructed thereon or therein, subject to the provisions of subsection (b) of this section, (1) for a period of not more than fourteen years, provided the cost of such improvements to be constructed is not less than thirty million dollars, (2) for a period of not more than seven years, provided the cost of such improvements to be constructed is not less than three million dollars, [(2)] (3) for a period of not more than two years, provided the cost of such improvements to be constructed is not less than five hundred thousand dollars, or [(3)] (4) to the extent of not more than fifty per cent of such increased assessment, for a period of not more than three years, provided the cost of such improvements to be constructed is not less than twenty-five thousand dollars.

(b) The provisions of subsection (a) of this section shall only apply if the improvements are for at least one of the following: (1) Office use; (2) retail use; (3) permanent residential use; (4) transient residential use; (5) manufacturing use; (6) warehouse, storage or distribution use; (7) structured multilevel parking use necessary in connection with a mass transit system; (8) information technology; (9) recreation facilities; or (10) transportation facilities.

This act shall take effect as follows and shall amend the following sections:
Section 1	July 1, 2010	12-65b

CE	Joint Favorable
PD	Joint Favorable
FIN	Joint Favorable