Senate Bill No. 1270
Senate Bill No. 1270
PUBLIC ACT NO. 97-109
AN ACT CONCERNING TAX ABATEMENT FOR SITE
REMEDIATION.
Be it enacted by the Senate and House of
Representatives in General Assembly convened:
Section 1. (NEW) Any municipality may, by
vote of its legislative body or, in a municipality
where the legislative body is a town meeting, by
vote of the board of selectmen, and by vote of its
board of finance, and upon application of the
owner of any eligible real property who agrees, in
order to redevelop environmentally impacted sites,
to conduct environmental site assessment,
demolition, remediation or other clean-up of such
property enter into an agreement to abate the
property tax due, during the period of such
redevelopment and remediation, as of the date of
the agreement, but for not longer than seven
years, provided such property meets the criteria
established by such municipality to qualify for
such abatement. Any such tax abatement shall be
contingent upon the continuation of the
redevelopment and remediation process with respect
to the property for those purposes specified in
the agreement creating such abatement and such
abatement shall cease upon the sale or transfer of
the property for any other purpose unless the
municipality shall have consented thereto. Such a
municipality may also establish a recapture in the
event of sale provided such recapture shall not
exceed the original amount of taxes abated and may
not go back further than the date of the
agreement.
Sec. 2. This act shall take effect from its
passage and shall be applicable to assessment
years of municipalities commencing on or after
October 1, 1997.
Approved June 6, 1997