CT SB00107

Establishes an airport development zone comprised of specific census blocks in Windsor Locks, Suffield, East Granby, and Windsor, effective October 1, 2011.

Extends property tax exemptions for manufacturing and service facilities to those located in the airport development zone, allowing 80% valuation exemption for five years (with possible five-year extension for certain facilities).

Extends machinery and equipment tax exemptions to manufacturing and service facilities located in the airport development zone under the same terms as other designated economic development areas.

Provides corporate tax credits for manufacturing and service facilities in the airport development zone based on facility type and investment level, available for up to nine income years following eligibility certificate issuance.

Requires the state to make annual grant payments to municipalities within the airport development zone equal to 50% of tax revenue lost due to property tax exemptions for qualified facilities.