The bill proposes to create a fund that will generate revenue from taxes on property conveyances, which will be allocated to support infrastructure projects across the state. By providing low-cost financing and various funding mechanisms, SB00363 aims to stimulate local economic development while ensuring that financial support is accessible for public and non-profit entities involved in infrastructure projects. Additionally, it intends to ensure that any funds generated through these means are utilized for public benefit, enhancing the overall welfare and prosperity of Connecticut's citizens.
Summary
SB00363, titled 'An Act Concerning Economic Opportunity', aims to establish a Connecticut Infrastructure and Economic Development Bank as a subsidiary of the Connecticut Development Authority. The bank is intended to stimulate and facilitate the remediation, development, and financing of contaminated properties, as well as provide expertise to municipalities and other entities engaged in such activities. The establishment of this bank is positioned as a response to the state's infrastructure development needs and aims to bolster economic opportunities through increased investment and strategic funding initiatives.
Contention
Noteworthy points of contention surrounding SB00363 include debates on the authority and control exercised by the newly established Infrastructure and Economic Development Bank. Concerns have been raised regarding the potential for less oversight and accountability when state funds and resources are allocated through this new entity. Critics argue that while the bill promotes economic opportunity, it may inadvertently undermine local governance by centralizing decision-making power, which could affect how local needs and priorities are addressed. The necessity of ensuring transparency and public input in the bank's operations is a critical concern raised during discussions.
An Act Concerning The Department Of Economic And Community Development's Recommendations For Revisions To The Jobsct Program And The Commerce And Related Statutes.
An Act Concerning Motor Vehicle Assessments For Property Taxation, Innovation Banks, The Interest On Certain Tax Underpayments, The Assessment On Insurers, School Building Projects, The South Central Connecticut Regional Water Authority Charter And Certain State Historic Preservation Officer Procedures.
An Act Concerning The Bonding Authority Of The Connecticut Municipal Redevelopment Authority, The Reporting Of Material Financial Obligations By State Agencies, Tax-exempt Proceeds Fund References And The Notification Of The Sale Or Lease Of Projects Financed With Bond Proceeds.
An Act Authorizing And Adjusting Bonds Of The State And Concerning Provisions Related To State And Municipal Tax Administration, General Government And School Building Projects.