CT SB01038

Establishes an abandoned brownfield cleanup program requiring properties to be unused for at least five years, with eligibility determined by the Commissioner of Economic and Community Development in consultation with the Commissioner of Energy and Environmental Protection.

Creates a brownfield remediation and revitalization program accepting no more than 32 properties per year, with participants paying a fee equal to 5% of assessed land value in two installments, with potential reductions for completing investigations within specified timeframes.

Provides liability protections and covenant-not-to-sue agreements for eligible participants who comply with voluntary remediation programs, investigation plans, and remediation schedules approved by the Commissioner of Energy and Environmental Protection.

Establishes a tax credit program allowing brownfield property owners to receive tax credits up to 50% of projected qualified remediation expenditures or $2 million per project, with credits available for investigation, remediation, abatement, and related costs.

Effective dates: Section 1 and 2 effective October 1, 2021; Section 3 (tax credit program) effective July 1, 2021 for income years commencing on or after January 1, 2021.