Bill Text: CT HB05160 | 2012 | General Assembly | Comm Sub

Connecticut House Bill 5160 (Prior Session Legislation)

Bill Title: An Act Establishing A Municipal Option To Abate Property Taxes For Small Businesses.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2012-04-10 - Referred by House to Committee on Finance, Revenue and Bonding [HB05160 Detail]

Download: Connecticut-2012-HB05160-Comm_Sub.html

General Assembly		*Substitute Bill No. 5160*
*February Session, 2012*		_____HB05160PD____030512____

AN ACT ESTABLISHING A MUNICIPAL OPTION TO ABATE PROPERTY TAXES FOR SMALL BUSINESSES.

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

Section 1. (NEW) (Effective October 1, 2012, and applicable to assessment years commencing on or after said date) Any municipality may, by ordinance, abate up to one hundred per cent of the property taxes due for any tax year with respect to new or newly acquired personal property owned by a small business. Such ordinance shall establish eligibility criteria for such abatement. No such abatement shall be valid for a period longer than three consecutive tax years. For purposes of this section, "small business" means a business entity employing not more than fifty full-time employees as of the date of assessment, and "full-time employee" means an employee required to work at least thirty-five hours or more per week, and who is not a temporary or seasonal employee.


This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2012, and applicable to assessment years commencing on or after said date	New section