CT HB05160

Municipalities may adopt ordinances to abate up to 100 percent of property taxes on new or newly acquired personal property owned by small businesses.

Each municipality must establish eligibility criteria for the abatement through ordinance.

Property tax abatements are limited to a maximum of three consecutive tax years.

Small business is defined as a business entity employing no more than 50 full-time employees as of the assessment date.

Full-time employee means an employee working at least 35 hours per week who is not temporary or seasonal; effective October 1, 2012 for assessment years commencing on or after that date.