Connecticut House Bill HB06001

Connecticut 2011 Regular Session

• Introduced: 1/25/11
• Refer: 1/25/11

Caption

An Act Concerning Enterprise Zone Benefits For Businesses Locating In Vacant Buildings.

Impact

The proposed amendments would directly impact the state's approach to economic development, particularly in how it incentivizes businesses to repurpose vacant properties. Should this bill be enacted, businesses relocating to these sites could access tax breaks, grants, and other financial assistance currently available under the enterprise zone program. This could lead to increased occupancy rates in historically vacant buildings, which could enhance property values and community attractiveness, thereby driving further investments in the area.

Summary

House Bill 6001, designated as an act concerning enterprise zone benefits, aims to modify existing state legislation to include businesses that occupy vacant buildings dating back to July 1, 1998. The purpose of this amendment is to encourage economic activity in underutilized properties, potentially revitalizing urban areas and stimulating local economies. By extending enterprise zone benefits to businesses that establish operations in these vacant buildings, the bill seeks to foster job creation and improve the vitality of communities that may have suffered from economic downturns.

Contention

Despite its potential benefits, the bill may face scrutiny regarding its fiscal implications. Critics could argue that extending enterprise zone benefits could decrease tax revenues in the short term while the state invests in revitalizing properties. Additionally, there might be concerns about whether these incentives would predominantly benefit larger corporations over small businesses or whether they would truly lead to sustainable economic growth in the targeted areas. The balance between incentivizing business growth and ensuring equitable economic revitalization will likely be a point of debate among legislators.