In an effort to attract, retain and expand businesses, the Town
of Bethany has adopted this tax incentive policy in accordance with
Connecticut General Statutes §§ 12-65b and 12-65h (as
amended). This policy establishes a tax incentive program for the
Town and allows the Town to enter into written agreements with the
owners and/or lessees of certain real property located within the
Town of Bethany in order to fix tax assessments of real and/or personal
property in the manner set forth by this policy.
In accordance with the provisions of C.G.S. § 12-65b,
the Board of Selectmen may enter into written tax agreements with
owners and/or lessees of real and/or personal property if the improvements
are for one of the following:
D. Storage, warehouse or distribution use.
F. Only legally existing used businesses relocating to the Town, new business development and business expansion listed in Subsections
A,
B,
C,
D and
E above and located within a district zoned for such purposes by the Planning and Zoning Commission are eligible to participate in a tax incentive program under this policy. Home occupations (as defined by the Bethany Zoning Regulations) and all other land uses are not eligible to participate in a tax incentive program under this policy.
G. Only manufacturing facilities, as defined in Subdivision (72) of
C.G.S. § 12-81, are eligible to participate in the benefits
authorized under C.G.S. § 12-65h.
The Board of Selectmen may enter into a tax agreement with any
party owning or proposing to acquire an interest in real property
in the Town of Bethany fixing the assessment of the real property
which is the subject of the agreement and all improvements thereon
or therein and to be constructed thereon or therein, subject to the
cost of the project improvements exceeding the following thresholds:
Tax Abate Schedule Under C.G.S. § 12-65b
|
---|
Cost of Improvements
|
Abatement
|
Term
|
---|
$5,000,000+
|
Up to 50% of increased assessment
|
Up to 7 years
|
$3,000,000+
|
Up to 50% of increased assessment
|
Up to 5 years
|
$500,000+
|
Up to 50% of increased assessment
|
Up to 2 years
|
$25,000+
|
Up to 50% of increased assessment
|
Up to 3 years
|
Note: This table lists the minimum value of an improvement that
qualifies a project for an abatement, the maximum abatement amount
and the maximum abatement period. The Board of Selectmen shall determine
the specific abatement for each project based upon the benefits to
the Town.
|
Tax Abatement Schedule Under C.G.S. § 12-65h
(Manufacturing Facility)
|
---|
Increase In Assessed Value Personal Property
|
Abatement
|
Term
|
---|
$3,000,000
|
Up to 50%
|
Not more than 7 years
|
$500,000+
|
Up to 50%
|
Not more than 2 years
|
$25,000+
|
Not more than 30%
|
Not more than 3 years
|
Any tax agreement entered into pursuant to this policy shall
not be subject to assignment, transfer or sale without the consent
of the Board of Selectmen. In the event that any such agreement is
assigned, transferred or sold without the Board of Selectmen's consent,
then the agreement shall terminate, as of the effective date of assignment,
transfer or sale and the full amount of the tax that would otherwise
be due to the Town of Bethany shall immediately become due and payable.
Nothing in this policy shall require the Board of Selectmen
to enter into a tax agreement.
This policy shall not be retroactive.