General Assembly Raised Bill No. 1074
January Session, 2015 LCO No. 4698
*04698_______ET_*
Referred to Committee on ENERGY AND TECHNOLOGY
Introduced by:
(ET)
General Assembly
Raised Bill No. 1074
January Session, 2015
LCO No. 4698
*04698_______ET_*
Referred to Committee on ENERGY AND TECHNOLOGY
Introduced by:
(ET)
AN ACT CONCERNING MUNICIPAL TAX ABATEMENT FOR NATURAL GAS EXPANSION.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2015, and applicable to assessment years commencing on or after October 1, 2015) Any municipality may, by vote of its legislative body or, in a municipality where the legislative body is a town meeting, by vote of the board of selectmen, abate up to one hundred per cent of the property taxes due for any tax year with respect to real or personal property of any gas company or pipeline company, as defined in subsection (a) of section 16-1 of the general statutes, in order to reduce the cost of natural gas expansion projects in such municipality. The gas company or pipeline company shall include the amount of such abatement when calculating the hurdle rate pursuant to section 16-19ww of the general statutes for gas expansion projects within such municipality.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2015, and applicable to assessment years commencing on or after October 1, 2015 New section
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2015, and applicable to assessment years commencing on or after October 1, 2015
New section
Statement of Purpose:
To authorize municipalities to grant tax abatements to natural gas local distribution companies and pipeline companies to reduce the cost of, and enable natural gas expansion projects to the municipalities' residents and businesses alike.
[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.]