Lawmakers push for tax credit bill to help commercial properties

Tax help bill for commercial properties
Published: May. 3, 2023 at 7:50 PM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

HARTFORD, CT (WFSB) - There is a new push in the state legislature to help distressed downtown areas recover from the pandemic.

The goal is to help commercial properties in cities through tax credits.

If passed, this bill would provide better incentives for commercial spaces to come to areas like downtown Hartford.

This is Senate Bill 1240, which was recently introduced to the legislature.

There is mixed reaction about the bill.

The legislation would establish tax credit voucher programs to incentivize commercial leases and residential conversions.

It would also implement a mill rate cap for commercial and industrial property with reimbursement to municipalities for resulting revenue loss.

Senate Bill 1240 was introduced by Senator John Fonfara in the finance, revenue and bonding committee.

Fonfara introduced through his role as a legislator, and he is one of the candidates running for mayor of Hartford.

He said the threat is real to Hartford’s tax base and this bill would help not just Hartford but other cities in Connecticut as well.

“I think across the country, we’re seeing a threat to commercial properties in terms of work from home, the impact of COVID, that sustained beyond the actual pandemic and Hartford is unfortunately, right smack in the middle of that,” Fonfara said.

The bill passed through the finance committee and moves to the floor.

Steven Abrams the owner of Max Downtown in Hartford says he would like to see this bill passed. Max Downtown has been on Hartford’s Asylum Street for 28 years and has been in Hartford for 40.

“That’s part of the bill I think is great. If you incentivize some office owners to transition their property to residential. I think that would be very helpful,” said Abrams.

Hartford Mayor Luke Bronin has expressed support for this bill.

Tax credit bill for commercial businesses