CT SB00144

Expands Connecticut Development Authority's tax incremental financing (TIF) programs to include redevelopment projects under chapter 130 and municipal development projects under chapter 132, in addition to existing information technology and remediation projects.

Adds sales tax and personal income tax revenues to the types of taxes that can be allocated to TIF special funds, alongside existing real and personal property taxes and payments in lieu of taxes.

Establishes baseline revenues for sales tax (calendar year prior to authorization) and personal income tax (paid by project employees in calendar year prior to authorization) that flow to the General Fund, with excess revenues directed to debt service on TIF bonds.

Limits total bonds payable from state grants in lieu of taxes to an amount where annual debt service does not exceed $1 million in any state fiscal year.

Takes effect July 1, 2012, and amends Connecticut General Statutes section 32-23zz.