Connecticut Senate Bill SB01023

Connecticut 2011 Regular Session

• Introduced: 2/17/11
• Refer: 2/17/11
• Report Pass: 3/8/11

Caption

An Act Concerning The Use Of Historic Structures And Vacant Government Buildings For Economic Development.

Impact

The bill's implementation will likely lead to increased economic activity within communities as property owners are incentivized to invest in historic renovations. By offering tax credits equivalent to 25% of the qualified rehabilitation expenditures, capped at $2.7 million, the legislation is designed to encourage both private investment and the maintenance of affordable housing through the inclusion of stipulations around residential units. It also allows for phased projects, which adds flexibility for property owners managing the complexity of such undertakings. This approach could help revitalize areas by converting vacant government buildings into functional space.

Summary

SB01023, titled 'An Act Concerning The Use Of Historic Structures And Vacant Government Buildings For Economic Development,' seeks to promote the rehabilitation of certified historic and government buildings for economic purposes. The bill enables tax credits for owners undertaking substantial renovations of these properties, aiming to preserve historical integrity while encouraging economic growth within communities. This legislation reflects a commitment to ensuring that historic structures remain viable for modern use while contributing to the local and state economies.

Contention

One point of contention arising from the bill may involve the balance between historical preservation and economic development. While proponents argue that the incentives will lead to meaningful investment in neglected properties, opponents may raise concerns about potential overreach, particularly in cases where modern developments could compromise the integrity of historic sites. There may also be debates regarding how effectively these tax credits can be monitored and whether the provisions for including affordable housing units are strong enough to meet community needs.