Connecticut General Statutes 32-774 – Tax exemption
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The exercise of the powers granted by sections 32-771 to 32-775, inclusive, shall be in all respects for the benefit of the people of the state, for the increase of their commerce, welfare and prosperity, and as the exercise of such powers shall constitute the performance of an essential public function, a Connecticut brownfield land bank shall not be required to pay any taxes or assessments upon or in respect of any revenues or property received, acquired, transferred or used by such Connecticut brownfield land bank, or upon or in respect of the income from such revenues or property.
Terms Used In Connecticut General Statutes 32-774
- Brownfield: means any abandoned or underutilized site where redevelopment, reuse or expansion has not occurred due to the presence or potential presence of pollution in the buildings, soil or groundwater that requires investigation or remediation before or in conjunction with the redevelopment, reuse or expansion of the property. See Connecticut General Statutes 32-760
- Connecticut brownfield land bank: means a Connecticut nonstock corporation, certified by the Commissioner of Economic and Community Development pursuant to section 32-771, established for the purposes of (A) acquiring, retaining, remediating and selling brownfields in the state for the benefit of municipalities, (B) educating government officials, community leaders, economic development agencies and nonprofit organizations on best practices for redeveloping brownfields, and (C) engaging in all other activities in accordance with sections 32-771 to 32-775, inclusive. See Connecticut General Statutes 32-760
- State: means the state of Connecticut. See Connecticut General Statutes 32-760