Bill Text: CT SB00450 | 2016 | General Assembly | Comm Sub

Connecticut Senate Bill 450 (Prior Session Legislation)

Bill Title: An Act Concerning Municipal Property Tax Abatement.

Spectrum: Committee Bill

Status: (Introduced - Dead) 2016-04-19 - File Number 681 [SB00450 Detail]

Download: Connecticut-2016-SB00450-Comm_Sub.html


General Assembly		*Raised Bill No. 450*
*February Session, 2016*		LCO No. 2751
		_____SB00450FIN___040616____
Referred to Committee on FINANCE, REVENUE AND BONDING
Introduced by:
(FIN)

AN ACT CONCERNING MUNICIPAL PROPERTY TAX ABATEMENT.

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

Section 1. Section 12-65b of the 2016 supplement to the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2016, and applicable to assessment years commencing on or after October 1, 2016):

(a) Any municipality may, by affirmative vote of its legislative body, enter into a written agreement, for a period of not more than ten years, 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 seven years, provided the cost of such improvements to be constructed is not less than three million dollars, (2) 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, (3) 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 ten thousand dollars, or (4) for a period of years specified in an ordinance, for improvements to be constructed on land used or to be used for any retail business in an area designated in such ordinance.] For purposes of this section, "improvements to be constructed" includes the rehabilitation of existing structures for retail business use.

(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 in connection with a residential property consisting of four or more dwelling units; (4) transient residential use in connection with a residential property consisting of four or more dwelling units; (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; (10) transportation facilities; (11) mixed-use development, as defined in section 8-13m; or (12) use by or on behalf of a health system, as defined in section 19a-508c.


This act shall take effect as follows and shall amend the following sections:
Section 1	October 1, 2016, and applicable to assessment years commencing on or after October 1, 2016	12-65b