CT SB00159

Allows chief elected officials of two or more municipalities in the same federal economic development district to enter into agreements promoting regional economic development and sharing tax revenue from new development.

Requires agreements to include provisions for identifying areas for new economic development, open space preservation, transit-oriented development, capital improvements, regional energy strategies, and shared arts and cultural assets.

Mandates each participating municipality implement at least one municipal cooperative program and one educational cooperative program, with options including collective bargaining, purchasing cooperatives, health care pooling, and regional school services.

Requires municipalities to maintain separate lists of new economic development properties subject to shared revenue and apply their local mill rate to determine taxes on such development.

Authorizes the Commissioner of Revenue Services to enter into a memorandum of understanding with participating municipalities to share up to one-quarter of one percent of state sales and use tax revenue derived from the municipalities' new regional economic development initiatives.