Connecticut Senate Bill SB01114

Connecticut 2013 Regular Session

• Introduced: 3/11/13
• Refer: 3/11/13

Caption

An Act Concerning The Governing Board Of The Harbor Point District And An Expansion Of Tax Incremental Financing.

Impact

The implications of SB01114 on state laws are significant, as it amends existing statutes related to how municipalities can finance redevelopment and development projects. By allowing municipalities to utilize incremental revenues from various taxes, the bill is poised to stimulate investment in targeted areas, potentially leading to more job creation and economic activity. Critics of this approach may argue that it risks directing funds away from other essential services and that reliance on tax increments could impact long-term fiscal stability for municipalities if not managed properly.

Summary

SB01114, known as An Act Concerning The Governing Board Of The Harbor Point District And An Expansion Of Tax Incremental Financing, aims to enhance the governance and financing capabilities of the Harbor Point District in Stamford. The bill proposes staggered terms for directors of the district to ensure continuity and effective governance, and it allows municipalities to include incremental personal income taxes and sales and use taxes in their financing plans for development projects. This expansion of tax incremental financing is intended to facilitate economic growth and redevelopment by providing municipalities with a robust financial framework to support local projects.

Contention

While the bill is broadly supported for its goal of encouraging local development, some concerns have been raised regarding the transparency and accountability of the financial mechanisms established by SB01114. There are fears that the allowance for municipalities to finance projects through these incremental tax revenues might lead to inefficient use of public funds or benefits that favor specific developers or businesses over the broader community interest. Advocacy for legislative oversight may emerge as a crucial discussion point as the bill progresses.