CT HB05074

Establishes new "biomanufacturing facility" designation for plants using chemical, physical, or biological processes (including pharmaceutical production) located in distressed municipalities, constructed or acquired after July 1, 2010 and before July 1, 2014.

Grants biomanufacturing facilities with $50 million or more investment an 80% property tax exemption for seven full assessment years following completion.

Provides a 50% corporate tax credit for biomanufacturing facilities in distressed municipalities that employ at least 50 full-time employees or 30% of facility positions with local residents.

Reduces employer withholding tax obligations to 15% of estimated employee income tax for biomanufacturing facilities in distressed municipalities from October 1, 2010 through September 30, 2017.

Requires Department of Economic and Community Development to issue eligibility certificates for qualifying biomanufacturing facilities and allows commissioners to waive one-year idleness requirement if facility would otherwise remain idle.