| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | General Assembly Proposed Bill No. 82 | |
| 2 | 2 | February Session, 2016 LCO No. 318 | |
| 3 | 3 | *00318* | |
| 4 | 4 | Referred to Committee on FINANCE, REVENUE AND BONDING | |
| 5 | 5 | Introduced by: | |
| 6 | 6 | SEN. FASANO, 34th Dist. | |
| 7 | 7 | ||
| 8 | 8 | General Assembly | |
| 9 | 9 | ||
| 10 | 10 | Proposed Bill No. 82 | |
| 11 | 11 | ||
| 12 | 12 | February Session, 2016 | |
| 13 | 13 | ||
| 14 | 14 | LCO No. 318 | |
| 15 | 15 | ||
| 16 | 16 | *00318* | |
| 17 | 17 | ||
| 18 | 18 | Referred to Committee on FINANCE, REVENUE AND BONDING | |
| 19 | 19 | ||
| 20 | 20 | Introduced by: | |
| 21 | 21 | ||
| 22 | 22 | SEN. FASANO, 34th Dist. | |
| 23 | 23 | ||
| 24 | 24 | AN ACT IMPLEMENTING THE 7/7 PROGRAM AND PROMOTING BROWNFIELD REDEVELOPMENT. | |
| 25 | 25 | ||
| 26 | 26 | Be it enacted by the Senate and House of Representatives in General Assembly convened: | |
| 27 | 27 | ||
| 28 | 28 | That the general statutes be amended to establish a tax incentive program for blighted property that has been abandoned or underutilized for at least ten years, as verified by the municipality, as follows: (1) For contaminated and noncontaminated property, the developer or business organization operating on such property is allowed a one hundred per cent exemption from the corporate income, sales and use or corporation business taxes associated with such development or business for seven years; (2) for contaminated property, the developer or business organization operating on such property is allowed a sixty per cent exemption of the costs associated with remediation over the seven years following the seven year exemption provided for in subdivision (1) from the corporate income, sales and use or corporation business taxes that would be equally distributed across those years; (3) in the case of contaminated properties, a licensed environmental professional (LEP) must certify that the property in question is a brownfield according to state law. After clean-up work is complete, the LEP must certify that the property was remediated. This certification must be provided to the Department of Revenue Services and the municipality in which the property is located. Such certification must be recorded on the land records in the municipality in which the property is located; (4) the tax benefits provided herein are only available to companies that (A) agree to submit the anticipated workforce needs and projected job requirements to area high schools and community-technical colleges so that such schools may develop and tailor curriculum and programs applicable to the needs of such company, and (B) certify it will hire thirty per cent of its total workforce from the students who participated in such curriculum and programs; and (5) applications for the existing brownfield remediation tax credit program shall be deemed approved if not acted upon within ninety days of submission. | |
| 29 | 29 | ||
| 30 | 30 | Statement of Purpose: | |
| 31 | 31 | ||
| 32 | 32 | To promote the redevelopment of brownfields and blighted properties and the employment of local workers by providing tax incentives for the development and use of such properties provided certain hiring requirements are met. |