Bill Text: CT SB00001 | 2015 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: An Act Concerning Tax Fairness And Economic Development.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2015-05-18 - File Number 844 [SB00001 Detail]

Download: Connecticut-2015-SB00001-Introduced.html

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General Assembly		Proposed Bill No. 1
January Session, 2015		LCO No. 570
		*00570*
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
SEN. LOONEY, 11th Dist. SEN. DUFF, 25th Dist.

AN ACT CONCERNING TAX FAIRNESS AND ECONOMIC DEVELOPMENT.

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

That the general statutes be amended to: (1) Facilitate, encourage and incentivize cooperation on economic development among Connecticut municipalities, in part by establishing a regional tax base sharing initiative through which multiple neighboring municipalities, or municipalities within a designated region, could share in new property tax revenues resulting from future economic development; (2) improve the state's system of providing financial compensation to towns for property tax revenue lost due to state-mandated property tax exemptions; and (3) reform the property tax on motor vehicles to establish more uniform rates of taxation across all Connecticut municipalities.

Statement of Purpose:

To facilitate and encourage economic development and improve the equity and fairness of Connecticut's tax code.