CT HB05436

Expands municipal property tax abatement agreements to include prospective owners (not just current owners) of brownfield and abandoned properties undergoing remediation, with abatement periods up to seven years.

Allows municipalities to forgive delinquent property tax principal and interest for prospective purchasers of brownfields or abandoned properties who commit to approved remediation programs under state environmental statutes.

Establishes a brownfield remediation tax credit program administered by the Department of Economic and Community Development, allowing owners to claim tax credits equal to 50% of qualified remediation expenditures, capped at $2 million per project.

Tax credit vouchers are issued on a competitive, semi-annual basis (April and October) with a statewide annual cap of $10 million in reserved credits, and vouchers may be sold or transferred up to three times with notification requirements.

Credits are available against Connecticut income and corporate taxes, can be carried forward for up to five years if they exceed a single tax year's liability, and qualified expenditures include investigation, assessment, remediation, hazardous materials removal, and demolition costs.