CT SB00400

Establishes the 7/7 program within the Department of Economic and Community Development to provide tax incentives for redeveloping brownfields and property abandoned or underutilized for 10+ years.

Eligible owners must submit applications including property descriptions, environmental certification, workforce development plans, and commit to hiring at least 30% of workforce from students in programs developed to meet their anticipated needs.

Provides tax credits to participants: full income tax credit on business operations at the site for 7 years, and an 8.6% credit on qualified remediation expenditures available in years 8-14.

Exempts purchases made by participants from sales tax for 7 calendar years from initiation of business operations at the site, provided items are purchased for ordinary business use.

Freezes municipal property tax assessments at the value from the application approval date for 5 years following when a building permit is obtained for construction.