AN ACT CONCERNING THE MILL RATE FOR COMMERCIAL AND INDUSTRIAL REAL PROPERTY, IMPLEMENTING A MUNICIPAL TAX REVENUE SHARING PROGRAM AND ESTABLISHING TAX CREDIT VOUCHER PROGRAMS TO INCENTIVIZE COMMERCIAL LEASES AND RESIDENTIAL CONVERSIONS.
To (1) implement a mill rate cap for commercial and industrial real property and provide reimbursement to municipalities for the resulting revenue loss, (2) implement a municipal tax revenue sharing program, and (3) establish tax credit voucher programs to incentivize commercial leases and residential conversions.
Introduced by:
Finance, Revenue and Bonding Committee
