CT SB00422

Adds a new tax deduction (clause xxiv) to Connecticut income tax law allowing "7/7 participants" to deduct amounts paid for brownfield remediation under section 32-776(g).

Effective July 1, 2018, and applies to taxable and income years commencing on or after January 1, 2018.

Amends section 12-701(a)(20)(B) of the Connecticut General Statutes to include the brownfield remediation deduction among other allowed subtractions from gross income.

Creates a financial incentive for developers participating in the 7/7 program to remediate contaminated properties by allowing tax deductions for remediation expenses.