CT SB01141

Establishes a Municipal Capacity Fund effective July 1, 2019, with $5 million reserved for capacity building grants to regional councils of governments for programs and services that replace or supplement individual municipal functions.

Distributes remaining fund balance annually as municipal capacity grants to municipalities with negative fiscal capacity gap metrics, calculated using May 2015 New England Public Policy Center methodology and apportioned based on each municipality's population and remaining gap figure minus noneducation state aid.

Provides three property tax relief options for taxpayers making commercial or industrial real property investments: a tax credit equal to the assessed value increase, reduced tax rate of 10 mills or 25% of current mill rate (whichever is less) for 7 years, or 3-year tax exclusion with 4-year phase-in at equal increments.

Transfers $100 million from the General Fund to the Municipal Capacity Fund for each of the fiscal years beginning July 1, 2019 and July 1, 2020.