An Act Establishing The 7/7 Program To Encourage The Redevelopment Of Brownfields And Underutilized Property.
Impact
The bill has significant implications for the state's economic landscape. Eligible property owners, defined as '7/7 participants', can receive tax credits based on the amount of business operations conducted on these redeveloped sites. This tax relief extends for up to seven years, encouraging prolonged investment in local economic activities. Additionally, the bill mandates that these property redevelopments be accompanied by a commitment to employ a certain percentage of workers from local educational institutions, thereby enhancing local workforce development and training opportunities.
Summary
SB00623 establishes the 7/7 Program aimed at incentivizing the redevelopment of brownfields and underutilized properties in the state. This initiative is designed to provide business owners with tax advantages related to their investments in sites that have been abandoned or underused for at least a decade. By fostering the transformation of these properties, the bill seeks to stimulate local economies, improve community aesthetics, and promote environmental remediation. The law is structured to take effect on July 1, 2017, with tax benefits applicable to income years commencing on or after January 1, 2017.
Sentiment
Sentiment around SB00623 appears to be generally positive among stakeholders who prioritize economic growth and environmental restoration. Proponents argue that the bill not only incentivizes reviving distressed properties but also aligns with broader sustainability goals. However, there may be some apprehension regarding how effectively the program will operate in terms of real investment and job creation, particularly if anticipated funding and support do not materialize as expected.
Contention
Notable points of contention include the eligibility criteria for property owners and the mechanism for tracking the program's success. There is a concern from community advocates that prioritizing tax incentives could overshadow the health and environmental assessments necessary for safe redevelopment. Additionally, critics may argue whether the state's focus on tax breaks is the optimal strategy for revitalizing local economies compared to direct investments in community initiatives.
An Act Concerning The Department Of Economic And Community Development's Recommendations For Revisions To The Jobsct Program And The Commerce And Related Statutes.
An Act Establishing A Working Group To Develop An Economic Development And Tourism Plan For The Greater Mystic Area Of The Towns Of Groton, New London And Stonington.
An Act Concerning The Creation Of Connecticut Brownfield Land Banks, Certain Lender Responsibility For Releases At Brownfields And Revisions To Brownfield Remediation And Development Programs.
An Act Concerning The Creation Of Connecticut Brownfield Land Banks, Revisions To The Brownfield Remediation And Revitalization Program And Authorizing Bonds Of The State For Brownfield Remediation And Development Programs.
An Act Implementing The Recommendations Of The State Of Connecticut Brownfield Working Group And Concerning Brownfield Liability Relief, Notification Requirements For Certain Contaminated Properties And The Use Of Notice Of Activity And Use Limitations.
An Act Concerning Modifications To Brownfield Remediation Grant And Loan Programs, The Application Of Notices Of Activity And Use Limitation To Certain Prior Holders Of Interest In Property, Property Tax Agreements Between Municipalities And Prospective Purchasers Of Brownfields And Environmental Impact Evaluation Exemptions For Certain Federally Approved Projects.