Connecticut Senate Bill SB00570

Connecticut 2019 Regular Session

• Introduced: 1/25/19
• Refer: 1/25/19
• Refer: 3/18/19
• Report Pass: 3/19/19
• Refer: 3/28/19
• Report Pass: 4/3/19
• Refer: 5/28/19
• Report Pass: 5/31/19
• Engrossed: 6/3/19
• Report Pass: 6/3/19
• Chaptered: 6/13/19
• Enrolled: 6/19/19
• Passed: 6/21/19

Caption

An Act Concerning Opportunity Zones.

Impact

The implementation of SB 00570 is expected to significantly influence state laws concerning economic development and historic preservation. It establishes a robust system for the allocation of tax credits to qualifying rehabilitation projects, with particular emphasis on mixed-use developments that incorporate affordable housing. By prioritizing projects located in federally designated opportunity zones, the bill encourages a concentrated effort to drive both private and public investments in areas that have historically been overlooked for redevelopment, thereby contributing to economic growth and community revitalization.

Summary

Senate Bill 00570, titled 'An Act Concerning Opportunity Zones,' focuses on enhancing economic development through the promotion of rehabilitation projects within designated opportunity zones. The bill aims to create tax incentives for owners who rehabilitate certified historic structures, particularly those situated in these opportunity zones. This legislation aligns with federal initiatives established by the Tax Cuts and Jobs Act of 2017, which introduced a framework for stimulating investments in economically distressed areas across the country. The bill provides a structured approach to incentivize private investment, aiming to revitalize underdeveloped regions through targeted state support and fiscal benefits.

Sentiment

The general sentiment surrounding SB 00570 appears to be positive, particularly among proponents of economic development and urban renewal. Supporters argue that the bill addresses critical needs in struggling communities by fostering inclusive growth and addressing housing shortages. However, it may also draw scrutiny from critics concerned about the potential for gentrification and the loss of affordable housing amidst rising property values triggered by increased investment. Overall, the conversation around the bill emphasizes balancing development incentives with community needs and historic preservation priorities.

Contention

Key points of contention within the discussions surrounding SB 00570 include the potential impacts of rapid investment in areas marked as opportunity zones. While many stakeholders advocate for the economic advantages the bill presents, others raise concerns about the effectiveness of tax credits and whether they adequately address the needs of existing residents. Furthermore, there is a debate on ensuring that newly generated economic benefits are equitably distributed, particularly to avoid exacerbating existing inequalities in housing and economic opportunities within targeted communities.