Such incentives could include credits or other tax benefits to companies willing to repurpose vacant land zoned for industrial use.
“It can be a tremendous challenge for towns to redevelop vacant commercial and industrial property,” said Perillo, who voted in favor of the measure during a meeting of the legislature’s Finance, Revenue and Bonding Committee.
“Offering a strong and meaningful set of incentives to property owners to redevelop land that sits fallow and unused will be one of the essential ingredients to advancing our current downtown redevelopment efforts in Shelton.”
Perillo noted that old industrial sites can be difficult to improve, and can offer a daunting challenge to property owners to redevelop them to a condition where they can be a vital part of the regional economy again. A meaningful tax break can help a company achieve a positive return on investment, and be the difference between a business deciding to invest or deciding to pass on the opportunity.
“Once improved, though, these new developments contribute to the vitality of our downtowns and bring additional property tax revenue,” added Perillo. “In Shelton, that means grand list growth and continued tax stability.”
Provisions of the bill would require the Commissioner of the Department of Economic and Community Development to make his report to the legislature no later than Jan. 1, 2017.
The bill, SB 462, An Act Concerning a Tax Incentive for the Development of Vacant Commercial and Industrial Properties, was passed by the committee and awaits further action by the legislature.
This session of the Connecticut General Assembly adjourns midnight, Wednesday, May 4.
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