Connecticut Senate Bill SB00082

Connecticut 2016 Regular Session

• Introduced: 2/10/16
• Refer: 2/10/16

Caption

An Act Implementing The 7/7 Program And Promoting Brownfield Redevelopment.

Impact

This legislation seeks to not only incentivize the redevelopment of blighted properties but also to engage local workforce development. By mandating that companies agree to provide anticipated workforce needs to local educational institutions, the bill aims to create job opportunities specifically for students who are part of tailored programs. This approach addresses issues of unemployment while fostering a skilled labor force that caters to the needs of emerging businesses in redeveloped areas.

Summary

SB00082 aims to implement the 7/7 Program and promote the redevelopment of brownfields, which are abandoned or underutilized properties that have been vacant for at least ten years. The bill introduces a tax incentive program that provides significant financial benefits to developers or businesses that engage in redevelopment activities on such properties. Specifically, it allows for a 100% exemption from corporate income, sales and use taxes for seven years, as well as a 60% exemption for remediation costs on contaminated properties over a subsequent seven-year period. Furthermore, a licensed environmental professional must certify the properties as brownfields and confirm satisfactory remediation post-cleanup.

Contention

The implementation of SB00082 may lead to discussions surrounding the balance between corporate interests and local community needs. Supporters argue the positive economic impact of revitalizing neglected areas and the potential increase in job availability. However, there may be apprehensions from community advocates regarding the degree to which this re-development might prioritize profit over community interests, particularly in relation to environmental impacts and the adequacy of local job creation commitments. The bill encourages a partnership between businesses and educational institutions, but how strictly these commitments will be enforced remains a topic of concern.