CT SB00623

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

Eligible owners must submit applications including property descriptions, environmental certifications, workforce development plans committing to hire at least 30% of workers from local training programs, and municipal support.

Provides seven-year corporate and personal income tax credits equal to tax attributable to operations at the 7/7 site, and exempts items purchased for business use at the site from sales tax for seven calendar years.

Allows an additional eight and fifty-seven-one-hundredths percent deduction of remediation costs in years 8-14 for participants who redeveloped brownfields, and freezes property tax assessments at approved application values for five years.

Effective July 1, 2017, for taxable and income years commencing on or after January 1, 2017, and amends sections 12-217 and 12-701 of the general statutes to include remediation deductions.