Connecticut June 2024 Special Session - Emergency Certified Bill 501 Passes House and Senate
June 28, 2024
By Dallas Dodge, Roy & Leroy Government Relations
The House adjourned Sine Die on June 27, 2024 after passing Emergency Certified Senate Bill 501 in concurrence with the Senate. The bill was immediately transmitted to the Governor, who has said he will sign it.
As a reminder, although the main impetus for special session was to address a flaw with the property tax for commercial vehicles, the bill became omnibus legislation impacting a number of different areas:
- Sections 1-13 make various changes to the motor vehicle property tax assessments, including a provision to ensure the cap on motor vehicle taxes applies to commercial vehicles.
- Sections 14-29 make it possible to establish "innovation banks"
- Section 30 forgives interest for taxpayers who made underpayments of taxes due to changing guidance on the employee retention credit.
- Section 31 clarifies that the assessment levied on insurance companies to pay for the Insurance Department shall be assessed on a gross basis.
- Sections 32 and 33 bar construction managers on school construction projects from bidding as subcontractors.
- Sections 34-42 allow a quasi public water authority to bid on the purchase of Aquarian, a privately held water company that is for sale.
- Section 43 modifies certain requirements for projects that impact historic structures and landmarks.
Full Bill: Senate Bill 501 AN ACT CONCERNING MOTOR VEHICLE ASSESSMENTS FOR PROPERTY TAXATION, INNOVATION BANKS, THE INTEREST ON CERTAIN TAX UNDERPAYMENTS, THE ASSESSMENT ON INSURERS, SCHOOL BUILDING PROJECTS, THE SOUTH CENTRAL CONNECTICUT REGIONAL WATER AUTHORITY CHARTER AND CERTAIN STATE HISTORIC PRESERVATION OFFICER PROCEDURES.
Office of Legislative Research Summary: Summary for Emergency Certified Senate Bill 501