CT SB01133

Repeals and replaces Section 12-65h of the general statutes effective July 1, 2011, applicable to assessment years commencing on or after October 1, 2011

Expands municipal tax abatement agreements to include software production facilities in addition to manufacturing facilities

Allows municipalities to fix personal property tax assessments for facilities for up to 7 years if the increased assessed value is at least $3 million

Permits assessment fixing for up to 2 years if the increased assessed value is at least $500,000, or for up to 3 years at no more than 50% of the increased assessment if the value is at least $25,000

Requires affirmative vote by municipal legislative body and a written agreement with the property owner or lessee to implement the tax abatement