General Assembly Raised Bill No. 424
February Session, 2016 LCO No. 2511
*02511_______PD_*
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
(PD)
General Assembly
Raised Bill No. 424
February Session, 2016
LCO No. 2511
*02511_______PD_*
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
(PD)
AN ACT CONCERNING REAL AND PERSONAL PROPERTY TAX ABATEMENT FOR CERTAIN COMPANIES.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. (NEW) (Effective October 1, 2016, and applicable to assessment years commencing on and after said date) Any municipality may by ordinance provide for the abatement of not more than eighty per cent of the taxes assessed on the real and personal property of any cyber security, data, incubator or start-up company having a principal place of business within the boundaries of such municipality. Such abatement shall apply only to real and personal property taxes due in the first two tax years of a company's operation.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2016, and applicable to assessment years commencing on and after said date New section
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2016, and applicable to assessment years commencing on and after said date
New section
Statement of Purpose:
To authorize municipalities to provide for the abatement of eighty per cent of the taxes assessed on the real and personal property of cyber security, data, incubator and start-up companies during the first two tax years of such companies' operation.
[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.]