PA 11-103—HB 6221
Finance, Revenue and Bonding Committee
AN ACT CONCERNING THE ELIMINATION OF CERTAIN SUNSET DATES
SUMMARY: This act makes permanent two Connecticut Development Authority (CDA) programs that provide bond financing for large-scale development projects. Prior law prohibited CDA from approving new projects under both programs on or after July 1, 2012.
Both programs use tax revenue, including incremental tax revenue, to repay the bonds. One uses property tax and other specified revenues to repay bonds CDA issues on a municipality's behalf for cleaning up and redeveloping contaminated property or developing land for information technology uses. The revenue may include some or all of the increase in the property tax revenue these improvements generate (i. e. , tax incremental financing).
The other program uses incremental sales, hotel, dues, cabaret, and admission tax revenue to repay bonds CDA issues for projects that create jobs or stimulate significant business activity.
EFFECTIVE DATE: July 1, 2011
PA 11-141 also eliminates the sunset date for the CDA program that uses incremental sales, hotel, dues, cabaret, and admission tax revenue to repay bonds for projects creating jobs or stimulating significant business activity.
OLR Tracking: JR: JK: JL: ro