General Assembly		Proposed Bill No. 1
January Session, 2015		LCO No. 570
		*00570*
Referred to Committee on PLANNING AND DEVELOPMENT
Introduced by:
SEN. LOONEY, 11th Dist. SEN. DUFF, 25th Dist.

AN ACT CONCERNING TAX FAIRNESS AND ECONOMIC DEVELOPMENT.

Be it enacted by the Senate and House of Representatives in General Assembly convened:

That the general statutes be amended to: (1) Facilitate, encourage and incentivize cooperation on economic development among Connecticut municipalities, in part by establishing a regional tax base sharing initiative through which multiple neighboring municipalities, or municipalities within a designated region, could share in new property tax revenues resulting from future economic development; (2) improve the state's system of providing financial compensation to towns for property tax revenue lost due to state-mandated property tax exemptions; and (3) reform the property tax on motor vehicles to establish more uniform rates of taxation across all Connecticut municipalities.

Statement of Purpose:

To facilitate and encourage economic development and improve the equity and fairness of Connecticut's tax code.