Maroney Approves Of Legislation Studying Better Development

From the Office of Sen. James Maroney: Today, legislation state Senator James Maroney (D-Milford) championed which will benefit opportunity zones advanced in the state Senate unanimously. The bill incentivizes developers to invest in distressed municipalities and makes it easier to do so.

The study is designed to encourage the development of areas around the state seen as disadvantaged.

“This legislation will bring much-needed development to parts of West Haven,” said Sen. Maroney. “I am pleased to see the passage of this bill as it will increase job opportunities and revitalize communities across the state in need of economic development.”

Senate Bill No. 570, “An Act Concerning Opportunity Zones,” tasks the Commissioner of the Department of Economic and Community Development with hosting a series of at least five events advertising federal designed opportunity zones in Connecticut. An opportunity zone is an area created to attract private development in the most “challenged but promising” areas of the state, with the intent of improving economic growth, community wealth, business development, housing opportunities and infrastructure. There are 72 total opportunity zones in Connecticut across 27 separate municipalities.

In addition to the events, the Commissioner is also asked to conduct a study of opportunity zones and determine how the state can further incentivize their use. This includes finding potential investors, state incentive programs and bonding, among other strategies, to better appeal to potential developers. Additionally, permit applications for opportunity zone development would receive expedited review as a further incentive.

Further changes under the legislation include incentives for development of opportunity zones. This includes rating criteria for development applications considering rehabilitation of historic structures in opportunity zones to receive priority treatment, tax credits of 30 percent for rehabilitation in opportunity zones, and sales and use tax exemptions for projects in opportunity zones investing at least $2.5 million into the local area.

About James Maroney: Sen. Maroney was first elected to represent the 14th District (Milford) in 2018. Before being elected to the Senate, he was a State Representative for the 119th District from 2012-2014, where he served on the Higher Education Committee. Due to his distinguished service on the Higher Education and Employment Advancement Committee, he was asked to serve on the Planning Commission for Higher Education and help develop a strategic plan for higher education in Connecticut.