CT SB00326

Repeals and replaces Section 12-65b of the general statutes, effective July 1, 2010.

Allows municipalities to enter written agreements fixing real property or air space assessments for improvements in qualifying categories, with abatement periods based on improvement costs: up to 14 years for projects costing at least $30 million, up to 7 years for $3 million or more, up to 2 years for $500,000 or more, or up to 50 percent abatement for 3 years for $25,000 or more.

Limits tax abatement eligibility to improvements for office, retail, residential, manufacturing, warehouse, parking, information technology, recreation, or transportation uses.