Sec. 12-94g. Amount of state payment in lieu of taxes on machinery and equipment commencing July 1, 2013. - Connecticut Statutes

      Sec. 12-94g. Amount of state payment in lieu of taxes on machinery and equipment commencing July 1, 2013. (a) As used in this section, "machinery", "equipment", "manufacturing", "biotechnology" and "recycling" shall have the same meaning as in subdivision (72) of section 12-81, and "municipality" means each town, city, borough, consolidated town and city and consolidated town and borough and each district, as defined in section 7-324.

      (b) Not later than January 1, 2013, the Secretary of the Office of Policy and Management shall determine the amount due to each municipality in the state, in accordance with this subsection, as a state grant in lieu of taxes with respect to certain machinery or equipment exempt from taxation. The grant payable to any municipality under the provisions of this section in the state fiscal year commencing July 1, 2013, and in each fiscal year thereafter, shall be equal to the sum of the following: (1) The tax loss the municipality sustains in the fiscal year commencing July 1, 2012, for exemptions approved for the assessment year commencing October 1, 2011, pursuant to section 12-94f, and (2) the tax loss the municipality would have sustained in said fiscal year if the exemption pursuant to subdivision (72) of section 12-81 had been available for the assessment year commencing October 1, 2011. In determining the tax loss each municipality would have sustained, the secretary shall reflect the provisions of section 12-94c by reducing the total assessment of machinery and equipment approved for exemption under said subdivision (72) for the assessment year commencing October 1, 2010, for machinery and equipment acquired and installed on or after October 2, 2006, and on or before October 1, 2010, and multiplying the result by the municipality's mill rate for the fiscal year commencing July 1, 2012.

      (P.A. 06-83, S. 14; P.A. 07-140, S. 3.)

      History: P.A. 06-83 effective July 1, 2006, and applicable to assessment years commencing on or after October 1, 2006; P.A. 07-140 amended Subsec. (a) by defining "manufacturing", "biotechnology" and "recycling", and amended Subsec. (b) by replacing "manufacturing machinery or equipment" with "certain machinery or equipment exempt from taxation" and former provision re grant of 100% of property taxes with new Subdivs. (1) and (2) re formula for grant, effective June 19, 2007, and applicable to assessment years commencing on or after October 1, 2007 (Revisor's note: In Subsec. (b) the repeated words "equal to" were deleted editorially by the Revisors in the phrase "shall be equal to equal to the sum of the following:").