Connecticut Senate Bill SB00270

Connecticut 2024 Regular Session

• Introduced: 2/28/24
• Refer: 2/28/24

Caption

An Act Concerning Tax Credits For The Conversion Of Commercial Properties.

Impact

The implementation of this bill could lead to increased availability of affordable housing by incentivizing property owners to convert underutilized commercial spaces. The bill permits tax credits of up to $30,000 per dwelling unit for taxpayers, and $50,000 for nonprofit owners, against their state tax due. The aggregate tax credits available in a fiscal year are capped at $3 million, which is designed to maintain fiscal responsibility while encouraging such conversions.

Summary

SB00270 is an act aimed at providing tax credits for the conversion of commercial properties into residential developments, with a focus on enhancing affordable housing options in Connecticut. The bill defines 'commercial buildings' and establishes parameters for what constitutes a qualified conversion. The proposed measure is significant as it aligns with ongoing efforts to alleviate housing shortages by leveraging existing commercial structures, particularly in urban areas where redevelopment can bring about community benefits.

Contention

Notable points of contention surrounding SB00270 may stem from local community concerns regarding the balance between commercial and residential spaces, as well as the prioritization of affordable units. Opponents of the bill may argue that while it's essential to address housing needs, it is equally important to examine the implications of transforming commercial areas, which could affect local economies and business operations. Furthermore, the qualifying criteria for tax credits and the potential bureaucratic process to obtain them may spark discussions about accessibility and equity in housing development.