The incentive applies to real and personal property. The property must be used for one of 10 broad purposes. Legislative bodies can authorize the incentive for up to three years. The bill similarly reduces the investment threshold a manufacturer must meet before it qualifies for a property tax break on any personal property. The state does not reimburse the town for the revenue loss.
Legislative bodies can authorize the incentive for up to three years.
Under a different law, manufacturers currently qualify for state-reimbursed property tax abatement on newly acquired machinery and equipment. This bill allows targeted investment communities to establish a two-tier property tax system under which land and buildings are taxed at different rates, with the land taxed at a higher rate. This system must be enacted by an ordinance of the town legislative body. The bill sets deadlines for submitting and reviewing applications. This bill authorizes income and corporate business tax credits for cleaning up and redeveloping contaminated properties, allows brownfield redevelopment corporations to form and issue tax increment bonds backed by local property taxes, and authorizes property tax abatements for redeveloped sites and the personal property used to clean up and redevelop them.