Connecticut Senate Bill SB00949

Connecticut 2013 Regular Session

• Introduced: 2/21/13
• Refer: 2/21/13

Caption

An Act Establishing Commercial And Industrial Property Tax Exemptions For Clean Energy Projects.

Impact

The bill modifies existing general statutes by adding a new subdivision that allows municipalities the authority to adopt ordinances authorizing these tax exemptions. Thus, the impact on state laws includes a shift towards promoting environmental sustainability through economic incentives, potentially resulting in a broader deployment of clean energy solutions across industrial and commercial sectors. The measure also reflects a growing recognition of the need for states to adopt greener energy policies amidst ongoing environmental challenges.

Summary

Senate Bill 00949 proposes to establish property tax exemptions for clean energy projects developed on commercial and industrial properties. This legislation aims to incentivize the installation of clean energy systems by offering exemptions on the increase in property value attributable to such projects. Specifically, the bill outlines that the exemption applies only to commercial or industrial projects implemented on or after July 1, 2011, and lasts for a maximum of 15 assessment years following the project's development.

Contention

Notable points of contention surrounding SB00949 may include discussions on the potential impact of these exemptions on local government financing and the efficacy of tax incentives in driving clean energy adoption. Some critics may argue that while the intent is to enhance clean energy growth, such measures could result in reduced tax revenues for municipalities, thereby impacting public service funding. Furthermore, there could be debates over the criteria for what constitutes a qualified clean energy project, which could affect the breadth of the bill's applicability.