Connecticut Senate Bill SB00407

Connecticut 2011 Regular Session

• Introduced: 1/20/11
• Refer: 1/20/11

Caption

An Act Concerning Tax Abatements For New Businesses Occupying Vacant Property.

Impact

If enacted, SB00407 would empower local municipalities to offer tax incentives, specifically by abating real estate and personal property taxes for eligible new businesses. This measure could stimulate the local economy by attracting entrepreneurs, potentially leading to job creation and increased commerce in the community. Municipalities would have the authority to implement these tax abatements to strategically address areas with significant vacancy rates, thereby facilitating a more vibrant commercial landscape.

Summary

SB00407, known as An Act Concerning Tax Abatements For New Businesses Occupying Vacant Property, aims to incentivize the occupancy of vacant commercial properties by offering tax abatements to new start-up businesses. The legislation is intended to encourage entrepreneurship and revitalize areas with unused real estate, which can often detract from the overall economic health of a municipality. By reducing the tax burden on new businesses that decide to utilize these vacant spaces, the bill seeks to foster an environment conducive to economic growth and development.

Contention

Discussion surrounding SB00407 may highlight concerns regarding the fiscal implications of tax abatements, with critics arguing that such measures could affect public revenue. Local governments may face challenges in balancing the potential short-term loss of tax income against the longer-term benefits of increased economic activity. Additionally, there may be debates about eligibility criteria or the potential for abuse of these incentives, which could lead to calls for careful monitoring and regulation to ensure that the intended benefits are realized without disproportionately disadvantaging other taxpayers.