Connecticut Senate Bill SB00107

Connecticut 2010 Regular Session

• Introduced: 2/10/10
• Refer: 2/10/10
• Report Pass: 3/16/10
• Refer: 3/23/10
• Report Pass: 3/30/10
• Refer: 4/8/10
• Report Pass: 4/14/10
• Refer: 4/22/10
• Report Pass: 4/27/10
• Engrossed: 5/1/10
• Report Pass: 5/1/10
• Chaptered: 5/14/10
• Enrolled: 5/19/10
• Passed: 6/2/10

Caption

An Act Establishing A Bradley Development Zone.

Impact

The impact of SB00107 on state laws includes modifications to the existing statutes concerning tax exemptions for manufacturing plants and service facilities. By establishing the Bradley Development Zone, the legislation creates a structured framework that facilitates economic incentives tailored for businesses that operate within these areas. The amendments to state tax law will allow for a more streamlined approach to supporting local industries and ensuring job creation in targeted investment communities.

Summary

Senate Bill 00107, known as An Act Establishing A Bradley Development Zone, aims to foster economic growth by establishing specific development zones in municipalities like Windsor Locks and Suffield. This bill is designed to provide various tax incentives to attract businesses, specifically targeting manufacturing and service facilities located within these designated areas. The potential benefits include exemptions from certain taxes for eligible facilities acquired, constructed, or renovated after specific dates, promoting an environment conducive to investment and development in economically distressed regions.

Sentiment

Generally, the sentiment surrounding SB00107 appears positive among supporters who view the establishment of the Bradley Development Zone as a significant step toward revitalizing certain areas and stimulating economic growth. Proponents argue that the bill will create jobs and contribute to community development. Conversely, there may be concerns from critics who worry about the long-term sustainability of such tax incentives and their effectiveness in addressing broader economic issues, thereby creating a division in opinion among legislators and stakeholders.

Contention

Notable points of contention surrounding SB00107 involve discussions about the practical effectiveness of the proposed tax incentives and the potential for abuse or over-reliance on such measures. Critics raise questions about whether these incentives would equate to tangible job creation and sustainable economic growth or merely serve as temporary relief that does not address deeper systemic issues within the affected communities. Additionally, the bill must balance attracting businesses with ensuring that local resources are adequately managed and not disproportionately strained.