General Assembly Raised Bill No. 6324
January Session, 2013 LCO No. 2673
*02673_______PD_*
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
(PD)
General Assembly
Raised Bill No. 6324
January Session, 2013
LCO No. 2673
*02673_______PD_*
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
(PD)
AN ACT ESTABLISHING A MUNICIPAL OPTION TO ABATE PROPERTY TAXES FOR SMALL BUSINESSES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2013, and applicable to assessment years commencing on or after said date) Any municipality may, by ordinance, abate up to one hundred per cent of the property taxes due for any tax year with respect to new or newly acquired personal property owned by a small business. Such ordinance shall establish eligibility criteria for such abatement. No such abatement shall be valid for a period longer than three consecutive tax years. For purposes of this section, "small business" means a business entity employing not more than fifty full-time employees as of the date of assessment, and "full-time employee" means an employee required to work at least thirty-five hours or more per week, and who is not a temporary or seasonal employee.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2013, and applicable to assessment years commencing on or after said date New section
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2013, and applicable to assessment years commencing on or after said date
New section
Statement of Purpose:
To authorize municipalities to abate certain personal property taxes for small businesses.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]