OLR Bill Analysis

HB 5544

AN ACT CONCERNING REGIONAL ECONOMIC DEVELOPMENT PLANS.

SUMMARY:

The law allows municipalities to share property tax revenues and specifies the process they must follow if they choose to do so. The process requires them to negotiate and approve an agreement identifying the revenue they will share and specifying how they will collect and use it. This bill allows municipalities to include and specify in the agreement how to prepare and adopt regional economic development plans.

EFFECTIVE DATE: October 1, 2009

COMMITTEE ACTION

Planning and Development Committee

Joint Favorable