Connecticut House Bill HB05267

Connecticut 2012 Regular Session

• Introduced: 2/23/12
• Refer: 2/23/12

Caption

An Act Concerning Economic Development And Tax Revenue.

Impact

The bill permits the district to levy taxes, fees, and benefit assessments on properties to finance essential improvements. The funds collected will primarily cover the costs associated with infrastructure upgrades, including roads, parks, and public amenities. This shift represents a significant regulatory change as it assigns local governance more responsibility in deciding how revenues are generated and used for community improvements. It also allows for public hearings and a transparent budgeting process to give residents a voice in local taxation decisions. Notably, the bill exempts district revenues from state taxation, which could greatly increase the financial resources available for local projects.

Summary

House Bill 05267, titled An Act Concerning Economic Development and Tax Revenue, proposes to establish a special taxing district within the Central Business District of Waterbury, Connecticut. The primary objective of this bill is to enhance economic development through the implementation of local taxation and assessments targeted at funding improvements and infrastructure projects in the area. This initiative is positioned as a means to stimulate economic growth and manage the city’s development strategically by allowing the local government to intervene more directly in financing critical projects that can revitalize the downtown area.

Contention

While proponents of HB 05267 argue that the establishment of this taxing district will get local improvements funded more efficiently and will lead to economic growth in Waterbury, there are significant concerns among opponents regarding potential overreach into local governance. Critics fear that the measure could burden property owners with increased taxes and that it might not effectively result in enhanced services or infrastructure improvements. Furthermore, some stakeholders worry about how these decisions may centralize power within local government structures, potentially sidelining community input and interests.