Substitute Senate Bill No. 1176
Substitute Senate Bill No. 1176
PUBLIC ACT NO. 97-282
AN ACT CONCERNING PAYMENTS IN LIEU OF TAXES FOR
STATE-OWNED REAL PROPERTY AND PROPERTY TAX
EXEMPTIONS FOR MANUFACTURING MACHINERY AND
EQUIPMENT AND NEW COMMERCIAL VEHICLES.
Be it enacted by the Senate and House of
Representatives in General Assembly convened:
Section 1. Subsections (f) and (g) of section
4b-38 of the general statutes are repealed and the
following is substituted in lieu thereof:
(f) Not less than two weeks before executing a
lease of land, a building or facility or an
interest in land under subsection (a) or (b) of
this section, with a person, firm or corporation
in the private sector, for a term of six months or
more, the commissioner shall notify in writing the
chief executive officer of the municipality in
which the land, building, facility or interest is
located concerning the proposed lease and the
manner in which the lessee proposes to use the
land, building, facility or interest. UPON
EXECUTING ANY SUCH LEASE, THE COMMISSIONER SHALL
FORWARD A COPY TO THE ASSESSOR OR BOARD OF
ASSESSORS OF THE MUNICIPALITY IN WHICH THE LEASED
PROPERTY IS LOCATED.
(g) Notwithstanding the provisions of this
section, the board of trustees of a constituent
unit of the state system of higher education may
lease land or buildings, or both, and facilities
under the control and supervision of such board
when such land, buildings or facilities are
otherwise not used or needed for use by the
constituent unit and such action seems desirable
to produce income or is otherwise in the public
interest, provided the treasurer has determined
that such action will not affect the status of any
tax-exempt obligations issued or to be issued by
the state of Connecticut. UPON EXECUTING ANY SUCH
LEASE, SAID BOARD SHALL FORWARD A COPY TO THE
ASSESSOR OR BOARD OF ASSESSORS OF THE MUNICIPALITY
IN WHICH THE LEASED PROPERTY IS LOCATED. The
proceeds from any lease or rental agreement
pursuant to this subsection shall be retained by
the constituent unit. Any land so leased for
private use and the buildings and appurtenances
thereon shall be subject to local assessment and
taxation annually in the name of the lessee,
assignee or sublessee, whichever has immediate
right to occupancy of such land or building, by
the town wherein situated as of the assessment day
of such town next following the date of leasing.
Such land AND THE BUILDINGS AND APPURTENANCES
THEREON shall not be included as property of the
constituent unit for the purpose of computing a
grant in lieu of taxes pursuant to section 12-19a,
AS AMENDED BY SECTION 2 OF THIS ACT, PROVIDED, IF
SUCH PROPERTY IS LEASED TO AN ORGANIZATION WHICH,
IF THE PROPERTY WERE OWNED BY OR HELD IN TRUST FOR
SUCH ORGANIZATION WOULD NOT BE LIABLE FOR TAXES
WITH RESPECT TO SUCH PROPERTY UNDER SECTION 12-81,
AS AMENDED BY SECTIONS 4 AND 5 OF THIS ACT, SUCH
ORGANIZATION SHALL BE ENTITLED TO EXEMPTION FROM
PROPERTY TAXES AS THE LESSEE UNDER SUCH LEASE, AND
THE PORTION OF SUCH PROPERTY EXEMPTED AND LEASED
TO SUCH ORGANIZATION SHALL BE ELIGIBLE FOR A GRANT
IN LIEU OF TAXES PURSUANT TO SAID SECTION 12-19a.
Sec. 2. Section 12-19a of the general statutes
is repealed and the following is substituted in
lieu thereof:
(a) On or before January first, annually, the
Secretary of the Office of Policy and Management
shall determine the amount due, as a state grant
in lieu of taxes, to each town in this state
wherein state-owned real property or reservation
land held in trust by the state for an Indian
tribe, except that which was acquired and used for
highways and bridges, but not excepting property
acquired and used for highway administration or
maintenance purposes, is located. The grant
payable to any town under the provisions of this
section in the state fiscal year commencing July
1, 1993, and each fiscal year thereafter, shall be
equal to the total of (1) one hundred per cent of
the property taxes which would have been paid with
respect to any facility listed in subsection (w)
of section 1-1 and any other facility certified by
the Commissioner of Correction, on or before
August first of each year, to have been used for
incarcerative purposes during the preceding fiscal
year, (2) SUBJECT TO THE PROVISIONS OF SUBSECTION
(c) OF THIS SECTION, forty per cent of the
property taxes which would have been paid with
respect to the buildings and grounds comprising
Connecticut Valley Hospital in Middletown. Such
grant shall commence with the fiscal year
beginning July 1, 1995, and continuing each year
thereafter and, (3) SUBJECT TO THE PROVISIONS OF
SUBSECTION (c) OF THIS SECTION, twenty per cent of
the property taxes which would have been paid with
respect to all other state-owned real property;
[,] except for the exemption applicable to such
property, on the assessment list in such town for
the assessment date two years prior to the
commencement of the state fiscal year in which
such grant is payable. For the fiscal year ending
June 30, 1993, the amount of the grant payable to
each municipality in accordance with this section
shall be reduced proportionately in the event that
the total of such grants in such year exceeds the
amount appropriated for the purposes of this
section with respect to such year.
(b) [Subject to the provisions of subsection
(c) of this section, the annual grant to any town
shall not be greater than seven and one-half per
cent of the total tax levied by such town on real
property.] As used in this section "total tax
levied" means the total real property tax levy in
such town for the fiscal year preceding the fiscal
year in which a grant in lieu of taxes under this
section is made, reduced by the Secretary of the
Office of Policy and Management in an amount equal
to all reimbursements [made by the state in the
previous calendar year] CERTIFIED AS PAYABLE TO
SUCH TOWN BY THE SECRETARY for real property
exemptions and credits ON THE TAXABLE GRAND LIST
OR RATE BILL OF SUCH TOWN FOR THE ASSESSMENT YEAR
THAT CORRESPONDS TO THAT FOR WHICH THE ASSESSED
VALUATION OF THE STATE-OWNED LAND AND BUILDINGS
HAS BEEN PROVIDED. For purposes of this section
and section 12-19b, any real property which is
owned by the John Dempsey Hospital Finance
Corporation established pursuant to the provisions
of sections 10a-250 to 10a-263, inclusive, or by
one or more subsidiary corporations established
pursuant to subdivision (13) of section 10a-254
and which is free from taxation pursuant to the
provisions of subdivision (13) of section 10a-254
and section 10a-259 shall be deemed to be
state-owned real property.
(c) [If the portion of the grant payable to
any town in] IN the fiscal year ending June 30,
1991, [or any] AND IN EACH fiscal year thereafter,
THE PORTION OF THE GRANT PAYABLE TO ANY TOWN as
determined in accordance with [subdivision]
SUBDIVISIONS (2) AND (3) of subsection (a) of this
section, [would] SHALL NOT be greater than [seven
and one-half per cent of the total tax levied by
such town on real property in the preceding
calendar year, except for the provisions of
subsection (b) of this section, such grant shall,
with respect to each of the following fiscal
years, not be greater than] the FOLLOWING
percentage of total tax levied by such town on
real property in the preceding calendar year as
follows: (1) In the fiscal year ending June 30,
1991, ten per cent, (2) in the fiscal year ending
June 30, 1992, twelve per cent, (3) in the fiscal
year ending June 30, 1993, fourteen per cent, (4)
in the fiscal year ending June 30, 1994,
twenty-seven per cent, (5) in the fiscal year
ending June 30, 1995, thirty-five per cent, (6) in
the fiscal year ending June 30, 1996, forty-two
per cent, (7) in the fiscal year ending June 30,
1997, forty-nine per cent, (8) in the fiscal year
ending June 30, 1998, fifty-six per cent, (9) in
the fiscal year ending June 30, 1999, sixty-three
per cent, (10) in the fiscal year ending June 30,
2000, seventy per cent, (11) in the fiscal year
ending June 30, 2001, seventy-seven per cent, (12)
in the fiscal year ending June 30, 2002,
eighty-four per cent, (13) in the fiscal year
ending June 30, 2003, ninety-two per cent, and
(14) in the fiscal year ending June 30, 2004, and
in each fiscal year thereafter, one hundred per
cent.
(d) In the fiscal year commencing July 1,
1992, and in each fiscal year thereafter, the
Commissioner of Transportation shall pay from the
Bradley International Airport Enterprise Fund to
the State Comptroller, on or before September
fifteenth, [its] THE portion of the state grant in
lieu of taxes payable under the provisions of this
section to the towns of East Granby, Suffield,
Windsor and Windsor Locks FOR REAL PROPERTY
LOCATED AT BRADLEY INTERNATIONAL AIRPORT. Such
payment shall be credited to the appropriation
from the General Fund for reimbursements to towns
for loss of taxes on state property.
(e) NOTWITHSTANDING THE PROVISIONS OF THIS
SECTION IN EFFECT PRIOR TO JANUARY 1, 1997, ANY
GRANT IN LIEU OF TAXES ON STATE-OWNED REAL
PROPERTY MADE TO ANY TOWN IN EXCESS OF SEVEN AND
ONE-HALF PER CENT OF THE TOTAL TAX LEVIED ON REAL
PROPERTY BY SUCH TOWN IS VALIDATED.
Sec. 3. Subsections (a) and (b) of section
12-64 of the general statutes are repealed and the
following is substituted in lieu thereof:
(a) All the following-mentioned property, not
exempted, shall be set in the list of the town
where it is situated and, except as otherwise
provided by law, shall be liable to taxation at a
uniform percentage of its present true and actual
valuation, not exceeding one hundred per cent of
such valuation, to be determined by the assessors:
Dwelling houses, garages, barns, sheds, stores,
shops, mills, buildings used for business,
commercial, financial, manufacturing, mercantile
and trading purposes, ice houses, warehouses,
silos, all other buildings and structures, house
lots, all other building lots and improvements
thereon and thereto, agricultural lands, shellfish
lands, all other lands and improvements thereon
and thereto, quarries, mines, ore beds, fisheries,
property in fish pounds, machinery and easements
to use air space whether or not contiguous to the
surface of the ground. An easement to use air
space shall be an interest in real estate and may
be assessed separately from the surface of the
ground below it. Any interest in real estate shall
be set by the assessors in the list of the person
in whose name the title to such interest stands on
the land records. [and, if] IF the interest in
real estate consists of an easement to use air
space, whether or not contiguous to the surface of
the ground, which easement is in the form of a
lease for a period of not less than fifty years,
which lease is recorded in the land records of the
town and provides that the lessee shall pay all
taxes, said interest shall be deemed to be a
separate parcel and shall be separately assessed
in the name of the lessee. [, and if] IF the
interest in real estate consists of a lease of
land used for residential purposes which allows
the lessee to remove any or all of the structures,
buildings or other improvements on said land
erected or owned by the lessee, which lease is
recorded in the land records of the town and
provides that the lessee shall pay all taxes with
respect to such structures, buildings or other
improvements, said interest shall be deemed to be
a separate parcel and said structures, buildings
or other improvements shall be separately assessed
in the name of the lessee, provided such separate
assessment shall not alter or limit in any way the
enforcement of a lien on such real estate in
accordance with chapter 205, for taxes with
respect to such real estate including said land,
structures, buildings or other improvements. For
purposes of determining the applicability of the
provisions of this section to any such interest in
real estate, the term "lessee" shall mean any
person who is a lessee or sublessee under the
terms of the lease agreement in accordance with
which such interest in real estate is established.
(b) Except as provided in subsection (c) of
this section, any land, buildings or easement to
use air rights belonging to or held in trust for
the state, not used for purposes attributable to
functions of the state government or any other
governmental purpose but leased to a person or
organization for use unrelated to any such
purpose, exclusive of any such lease with respect
to which a binding agreement is in effect on June
25, 1985, shall be separately assessed in the name
of the lessee and the lessee shall be required to
pay property taxes applicable to the assessed
value of the portion of such property subject to
the interest of the lessee under the terms of the
lease. If such property OR ANY PORTION THEREOF is
leased to any organization which, if the property
were owned by or held in trust for such
organization, would not be liable for taxes with
respect to such property under any of the
subdivisions of section 12-81, AS AMENDED BY
SECTIONS 4 AND 5 OF THIS ACT, such organization
shall be entitled to exemption from property taxes
as the lessee under such lease, provided such
property is used exclusively for the purposes of
such organization as stated in the applicable
subdivision of said section 12-81, AS AMENDED BY
SECTIONS 4 AND 5 OF THIS ACT, AND THE PORTION OF
SUCH PROPERTY SO LEASED TO SUCH EXEMPT
ORGANIZATION SHALL BE ELIGIBLE FOR A GRANT IN LIEU
OF TAXES PURSUANT TO SECTION 12-19a, AS AMENDED BY
SECTION 2 OF THIS ACT. Whenever the lessee of such
property is required to pay property taxes to the
town in which such property is situated as
provided in this subsection, the assessed
valuation of such property subject to the interest
of the lessee shall not be included in the annual
list of assessed values of state-owned real
property in such town as prepared for purposes of
state grants in accordance with SAID section
12-19a and the amount of grant to such town under
said section 12-19a shall be determined without
consideration of such assessed value.
Sec. 4. Subdivision (72) of section 12-81 of
the general statutes is repealed and the following
is substituted in lieu thereof:
(72) [(a)] (A) New machinery and equipment, as
defined herein, acquired after October 1, 1990,
and newly-acquired machinery and equipment, as
defined herein, acquired on or after July 1, 1992,
by the person claiming exemption under this
subdivision, provided this exemption shall only be
applicable in the five full assessment years
following the assessment year in which such
machinery or equipment is acquired, subject to the
provisions of subparagraph [(b)] (B) of this
subdivision. Machinery and equipment acquired on
or after July 1, 1996, and used in [the]
CONNECTION WITH biotechnology [industry, whose
predominant use is for manufacturing, processing
or fabricating; for research and development,
including experimental or laboratory research and
development, design or engineering; for the
significant servicing, overhauling or rebuilding
of machinery and equipment; or for measuring or
testing,] shall qualify for the exemption under
this subsection. For the purposes of this
subdivision: [(A)] (i) "Machinery" and "equipment"
mean tangible personal property which is [(i)]
installed in a manufacturing facility, [operated
by a manufacturer,] either five-year property or
seven-year property, as those terms are defined in
Section 168(e) of the Internal Revenue Code of
1986, or any subsequent corresponding internal
revenue code of the United States, as from time to
time amended, and the predominant use of which is
for manufacturing, processing or fabricating; for
research and development, including experimental
or laboratory research and development, design or
engineering directly related to manufacturing; for
the significant servicing, overhauling or
rebuilding of machinery and equipment for
industrial use or the significant overhauling or
rebuilding of other products on a factory basis;
for measuring or testing or for metal finishing;
or [(ii)] used in the production of motion
pictures, video and sound recordings. "Machinery"
means the basic machine itself, including all of
its component parts and contrivances such as
belts, pulleys, shafts, moving parts, operating
structures and all equipment or devices used or
required to control, regulate or operate the
machinery, including, without limitation,
computers and data processing equipment, together
with all replacement and repair parts therefor,
whether purchased separately or in conjunction
with a complete machine, and regardless of whether
the machine or component parts thereof are
assembled by the taxpayer or another party.
"Equipment" means any device separate from
machinery but essential to a manufacturing,
processing or fabricating process. [(B)] (ii)
"Manufacturing facility" means that portion of a
plant, building or other real property improvement
used for manufacturing, processing or fabricating,
for research and development, including
experimental or laboratory research and
development, design or engineering directly
related to manufacturing, for the significant
servicing, overhauling or rebuilding of machinery
and equipment for industrial use or the
significant overhauling or rebuilding of other
products on a factory basis, for measuring or
testing or for metal finishing. [(C)] (iii)
"Manufacturing" means the activity of converting
or conditioning tangible personal property by
changing the form, composition, quality or
character of the property for ultimate sale at
retail or use in the manufacturing of a product to
be ultimately sold at retail. Changing the quality
of property shall include any substantial overhaul
of the property that results in a significantly
greater service life than such property would have
had in the absence of such overhaul or with
significantly greater functionality within the
original service life of the property, beyond
merely restoring the original functionality for
the balance of the original service life. [(D)]
(iv) "Fabricating" means to make, build, create,
produce or assemble components or tangible
personal property work in a new or different
manner. [(E)] (v) "Processing" means the physical
application of the materials and labor necessary
to modify or change the characteristics of
tangible personal property. [(F)] (vi) "Measuring
or testing" includes both nondestructive and
destructive measuring or testing, and the
alignment and calibration of machinery, equipment
and tools, in the furtherance of the
manufacturing, processing or fabricating of
tangible personal property. [(G)] (vii)
"Biotechnology" means the application of
technologies, [such as] INCLUDING recombinant DNA
techniques, biochemistry, molecular and cellular
biology, genetics and genetic engineering,
biological cell fusion techniques, and new
bioprocesses, using living organisms, or parts of
organisms, to produce or modify products, to
improve plants or animals, to development
microorganisms for specific uses, to identify
targets for small molecule pharmaceutical
development, to transform biological systems into
useful processes and products or to develop
microorganisms for specific uses;
[(b)] (B) Any person who on October first in
any year holds title to machinery and equipment
for which he desires to claim the exemption
provided in this subdivision shall file with the
assessor or board of assessors in the municipality
in which the machinery or equipment is located, on
or before the first day of November in such year,
a list of such machinery or equipment together
with written application claiming such exemption
on a form prescribed by the Secretary of the
Office of Policy and Management. Such application
shall include the taxpayer identification number
assigned to the claimant by the Commissioner of
Revenue Services and the federal employer
identification number assigned to the claimant by
the Secretary of the Treasury. If title to such
equipment is held by a person other than the
person claiming the exemption, the claimant shall
include on his application information as to the
portion of the total acquisition cost incurred by
him, and on or before the first day of November in
such year, the person holding title to such
machinery and equipment shall file a list of such
machinery with the assessor of the municipality in
which the manufacturing facility of the claimant
is located. Such person shall include on the list
information as to the portion of the total
acquisition cost incurred by him. Commercial or
financial information in any application or list
filed under this section shall not be open for
public inspection, provided such information is
given in confidence and is not available to the
public from any other source. The provisions of
this subdivision regarding the filing of lists and
information shall not supersede the requirements
to file tax lists under sections 12-42, 12-43,
12-57a and 12-59. In substantiation of such claim,
the claimant and the person holding title to
machinery and equipment for which exemption is
claimed shall present to the assessor or board of
assessors such supporting documentation as said
secretary may require, including, but not limited
to, invoices, bills of sale, contracts for lease
and bills of lading. Failure to file such
application in this manner and form within the
time limit prescribed shall constitute a waiver of
the right to such exemption for such assessment
year, unless an extension of time is allowed [by
the Secretary of the Office of Policy and
Management as set forth in] PURSUANT TO section
12-81k. [and upon payment of the required fee for
late filing.] If title to exempt machinery is
conveyed subsequent to October first in any
assessment year, entitlement to such exemption
shall terminate for the next assessment year and
there shall be no pro rata application of the
exemption unless such machinery or equipment
continues to be leased by the manufacturer who
claimed and was approved for the exemption in the
previous assessment year. Machinery or equipment
[that was exempt under this subdivision for a
five-year term or a portion thereof] shall not be
eligible for exemption upon transfer to a business
organization related to or affiliated with the
seller OR FROM A LESSOR TO A LESSEE EXCEPT TO THE
EXTENT IT WOULD HAVE BEEN ELIGIBLE FOR EXEMPTION
BY THE SELLER OR THE LESSOR, AS THE CASE MAY BE;
[(c)] (C) Any person claiming the exemption
provided under this subdivision for machinery or
equipment shall not be eligible to claim the
exemption provided under subdivision (60) of this
section or subdivision (70) of this section for
the same machinery or equipment. The state and the
municipality and district shall hold a security
interest, as defined in subdivision (37) of
section 42a-1-201, in any machinery or equipment
which is exempt from taxation pursuant to this
subdivision, in an amount equal to the tax revenue
reimbursed or lost, as the case may be, which
shall be subordinate to any purchase money
security interest, as defined in section
42a-9-107. Such security interest shall be
enforceable against the claimant for a period of
five years after the last assessment year in which
such exemption was received in any case in which
said manufacturer ceases all manufacturing
operations or moves its manufacturing operations
entirely out of this state. [A public service
company, as defined in section 16-1, shall not be
eligible for the exemption provided under this
subdivision] THE FOLLOWING SHALL NOT BE ELIGIBLE
FOR THE EXEMPTION PROVIDED UNDER THIS SUBDIVISION:
(i) A PUBLIC SERVICE COMPANY, AS DEFINED IN
SECTION 16-1; AND (ii) ANY PROVIDER, DIRECTLY OR
INDIRECTLY, OF ELECTRICITY, OIL, WATER OR GAS;
[(d)] (D) A claim for property tax exemption
under this subdivision may be denied by the
assessor or board of assessors of a town,
consolidated town and city or consolidated town
and borough, with the consent of the chief
executive officer thereof, if the claimant is
delinquent in a property tax payment to such town,
consolidated town and city or consolidated town
and borough, pursuant to section 12-146, for
property owned by such claimant. Before any such
claim is denied, the assessor or board of
assessors shall send written notice to the
claimant, stating that he may pay the amount of
such delinquent tax or enter into an agreement
with such town, consolidated town and city or
consolidated town and borough for the payment
thereof, by the date set forth in said notice,
provided, such date shall not be less than thirty
days after the date of such notice. Failure on the
part of the claimant to pay the amount of the
delinquent tax or enter into an agreement to pay
the amount thereof by said date shall result in a
disallowance of the exemption being claimed.
Sec. 5. Subdivision (74) of section 12-81 of
the general statutes is repealed and the following
is substituted in lieu thereof:
[(a)] (A) For a period not to exceed five
[full] assessment years following the assessment
year in which it is purchased, any new commercial
truck, truck tractor, tractor and semitrailer, and
vehicle used in combination therewith, which is
used exclusively to transport freight for hire and
[(A)] (i) is either [(1)] subject to the
jurisdiction of the United States Department of
Transportation pursuant to Chapter 135 of Title
49, United States Code, OR ANY SUCCESSOR THERETO,
or [(2)] would otherwise be subject to said
jurisdiction except for the fact that the vehicle
is used exclusively in intrastate commerce; [(B)]
(ii) has a gross vehicle weight rating in excess
of twenty-six thousand pounds; and [(C)] (iii)
prior to August 1, 1996, was not registered in
this state or in any other jurisdiction but was
registered in this state on or after said date. As
used in this subdivision, "gross vehicle weight
rating" shall have the same meaning as in section
14-1;
[(b)] (B) Any person who on October first in
any year holds title to OR IS THE REGISTRANT OF a
vehicle for which he intends to claim the
exemption provided in this subdivision shall file
with the assessor or board of assessors in the
municipality in which the vehicle is subject to
property taxation, on or before the first day of
November in such year, a written application
claiming such exemption on a form prescribed by
the Secretary of the Office of Policy and
Management. Such person shall include information
as to the make, model, year and vehicle
identification number of [all] EACH such
[vehicles] VEHICLE, and any appurtenances attached
thereto, in such application. The person holding
title to [any] OR THE REGISTRANT OF SUCH vehicle
for which exemption is claimed shall furnish the
assessor or board of assessors with such
supporting documentation as said secretary may
require, including, but not limited to, evidence
of vehicle use, ACQUISITION COST and registration.
With respect to any vehicle for which the
exemption under this subdivision has previously
been claimed, the person shall also include
information as to any modifications made to the
vehicle subsequent to the assessment date with
respect to which said exemption was previously
claimed. Failure to file such application in this
manner and form within the time limit prescribed
shall constitute a waiver of the right to such
exemption for such assessment year, unless an
extension of time is allowed [by the Secretary of
the Office of Policy and Management] as provided
in section 12-81k; [, and upon payment of the
required fee for late filing;]
(C) WITH RESPECT TO ANY VEHICLE WHICH IS NOT
REGISTERED ON THE FIRST DAY OF OCTOBER IN ANY
ASSESSMENT YEAR AND WHICH IS REGISTERED SUBSEQUENT
TO SAID FIRST DAY OF OCTOBER BUT PRIOR TO THE
FIRST DAY OF AUGUST IN SUCH ASSESSMENT YEAR, THE
VALUE OF SUCH VEHICLE FOR PROPERTY TAX EXEMPTION
PURPOSES SHALL BE A PRO RATA PORTION OF THE VALUE
DETERMINED IN ACCORDANCE WITH SUBPARAGRAPH (D) OF
THIS SUBDIVISION, TO BE DETERMINED BY A RATIO, THE
NUMERATOR OF WHICH SHALL BE THE NUMBER OF MONTHS
FROM THE DATE OF SUCH REGISTRATION, INCLUDING THE
MONTH IN WHICH REGISTRATION OCCURS, TO THE FIRST
DAY OF OCTOBER NEXT SUCCEEDING AND THE DENOMINATOR
OF WHICH SHALL BE TWELVE. FOR PURPOSES OF THIS
SUBDIVISION THE TERM "ASSESSMENT YEAR" MEANS THE
PERIOD OF TWELVE FULL MONTHS COMMENCING WITH
OCTOBER FIRST EACH YEAR;
[(c) The] (D) NOTWITHSTANDING THE PROVISIONS
OF SECTION 12-71d, THE assessor or board of
assessors shall determine the value for each
vehicle with respect to which a claim for
exemption under this subdivision is [made, in
accordance with sections 12-71b and 12-71d. In the
event the provisions of section 12-71b become
applicable to any such vehicle, the tax collector
shall reflect the reduction or addition to the
amount of revenue loss with respect to such
vehicle, on the next claim for reimbursement the
tax collector files pursuant to section 12-94b]
APPROVED, BASED ON THE VEHICLE'S COST OF
ACQUISITION, INCLUDING COSTS RELATED TO THE
MODIFICATION OF SUCH VEHICLE, ADJUSTED FOR
DEPRECIATION IN ACCORDANCE WITH THE SCHEDULE SET
FORTH IN SECTION 12-94c.
Sec. 6. This act shall take effect from its
passage and sections 4 and 5 shall be applicable
to assessment years commencing on or after October
1, 1996.
Approved June 26, 1997