CEDAS Legislative Update - TIF Bill Passes!
6/16/2015
CEDAS along with its partners at the Connecticut Main Street Program, American Planners Association, CCM and COST scored a victory with the passage of municipally driven Tax Incremental Financing (TIF) legislation. The new legislation is awaiting the Governor’s signature. Upon signing by the Governor, municipalities will now be able to approve TIFs without requiring a special act by the legislature. Special thanks to our partner organizations for their unyielding attention to this legislative initiative. Additional thanks to Attorney Michael Andreana of Pullman & Comley LLC for his technical expertise, the draft legislation and testimony he provided. This is one of CEDAS’ greatest policy accomplishments in years.
Despite the good efforts of Connecticut to better market itself and recover from the most recent economic downturn efforts to close its budget gap by increasing corporate tax rates was poorly received. Leading corporations AETNA, Boehringer Ingelheim and General Electric (GE) indicated that they will consider moving out of Connecticut. GE wrote in a statement last week that the plan makes businesses like theirs "seriously consider whether it makes any sense to continue to be located in this state."
Stay tuned, as the Governor hasn't yet signed on to the budget and a special legislative session is planned for later this month.
For more information: info@cedas.org
